Costs associated with Medicare prescription drug coverage can vary each year. See how much you can expect to pay for 2014 Medicare Part D premiums.
The Medicare Part D benefit was first created by the government in 2006 to provide prescription drug coverage to all individuals enrolled in the Medicare program. To get coverage, beneficiaries must enroll in a Part D plan offered by Medicare-approved private health insurance companies. Since then, over 35 million beneficiaries are enrolled in Part D plans, with 22.5 million in stand-alone Prescription Drug Plans (PDPs) and 12.8 million in Medicare Advantage Prescription Drug plans (MA-PDs) in 2013, according to the Kaiser Family Foundation. Funding of this drug benefit is in part provided by the government; however, the beneficiaries themselves are responsible for a portion of the costs. This includes a monthly charge, also known as the Part D premium, which is paid to private insurance companies offering these plans.