Medicare prescription drug plan costs vary significantly by location and plan type. In 2026, Part D standalone plans typically range from $0 to $80 monthly premiums, with most plans averaging $30 to $50 per month. Annual deductibles can reach up to $590, though many plans offer lower or zero deductibles. Copayments vary widely, from $0 to $47 for generic drugs and $0 to $150 for brand names, depending on your plan’s formulary tier structure. Medicare Advantage plans with prescription coverage often have $0 monthly premiums but may have different cost-sharing structures. All Part D plans include catastrophic coverage after you spend $8,000 out of pocket annually. Higher-income individuals pay additional IRMAA surcharges on top of plan premiums. To find exact costs for plans available in your specific area, use Medicare’s official Plan Finder tool at Medicare.gov or call 1-800-MEDICARE. Enter your zip code and current medications to compare total estimated annual costs, not just monthly premiums, since deductibles and copayments significantly impact your actual expenses.