What is the range of the yearly deductible for Medicare prescription drug coverage?

The range of the yearly deductible for Medicare prescription drug coverage is specifically set by Medicare and can vary each year. As of 2023, the maximum deductible for Medicare Part D plans is established at $415. This deductible is the amount that a beneficiary must pay out-of-pocket for their prescription drugs before their drug plan begins to pay its share for covered medications.

Choosing the option with the range of $0-$415 accurately reflects this established limit and is critical for beneficiaries to understand as it impacts their overall medication costs. The dollar amount is calculated and updated annually to reflect changes in healthcare costs and insurance plans. Knowing this range allows beneficiaries to better anticipate their healthcare expenses related to prescription drugs during the year.