Medicare Part D is prescription drug coverage offered by private insurance companies to help pay for the cost of medications. It is available as a standalone plan to pair with Original Medicare or as part of a Medicare Advantage plan. Part D plans vary in premiums, covered medications, and out-of-pocket costs but must meet Medicare’s minimum coverage requirements. Each plan has a formulary (drug list) organized by tiers, determining your costs for different medications. Part D helps protect against high prescription costs and provides peace of mind by ensuring access to necessary medications for managing chronic conditions or unexpected illnesses.