It depends on whether you inject insulin yourself or have an insulin pump. If you have an insulin pump, Medicare Part B may cover part of the cost. You will have to pay 20% of the Medicare-approved cost of the pump after hitting your Part B deductible. Medicare will then pay for the insulin used in the pump. Part B will not pay for insulin if you are injecting or inhaling it. For that, you will need Medicare Part D prescription drug coverage. Most Medicare Advantage plans include this coverage, but you should make sure the plan you are considering does include coverage before buying it.