What is a monthly plan premium?

A plan premium is a dollar amount paid monthly to either Medicare for Part A or B coverage, a Medicare Advantage insurer for health care, or to a Medicare-approved Part D insurer such as SilverScript® Insurance Company for stand-alone Medicare prescription drug coverage.

Premiums can vary within different service areas, so when considering your Medicare Part D costs, ask what the plan’s Medicare Part D premium is for your specific area. Also, ask if the plan offers convenient payment options other than mailing a check each month, such as automatic Social Security or Railroad Retirement Board deductions, automatic bank draft withdrawal or credit card payments.

Return to the Medicare FAQ section to view more answers to other commonly asked questions about Medicare prescription drug coverage.