Medicare Part D helps you afford your prescriptions
This coverage lowers the cost of the medicine you need to stay healthy.
Medicare drug coverage (Part D)
Medicare Part D is a federal program that helps Medicare beneficiaries pay for prescription drugs.
It’s offered through private insurance companies approved by Medicare and can be added to Original Medicare (Parts A and B) or included as part of a Medicare Advantage Plan (Part C) that offers drug coverage.
If purchased separately, Part D plans have a monthly premium, an annual deductible and co-payments or coinsurance for medications. Costs and coverage vary by plan. Enrolling when first eligible is important to avoid late penalties.
According to federal law, everyone who is eligible for Part A and/or Part B is also eligible for a prescription drug plan. These are the two ways you can get coverage:
- Prescription Drug Plan (PDP): This is a separate, stand-alone insurance you can buy in addition to Part A and B or a Supplement (MediGap) insurance plan.
- Advantage Plans: You can combine Part A, Part B, and Part D coverage into one comprehensive plan. Many Advantage Plans include Part D, but some do not.
Medicare Part D
Medicare Part D is a prescription drug coverage plan sold by private health insurance companies. It can be a standalone addition to Original Medicare, or it can be included in a Medicare Advantage plan. You will have to pay a monthly premium to have a Part D policy, and the plan will require you to pay other out-of-pocket costs like deductibles, copays, and coinsurance. A Medicare Savings program or “Extra Help” can lower those costs if you meet eligibility requirements.
A Medicare prescription drug plan is a smart way to manage the cost of the medications you take now—and those you may need in the future. If you’re entitled to Part A and/or enrolled in Part B of Original Medicare, you’re eligible to join a Part D plan; however, when you enroll affects your effective date and premium. Our team of healthcare professionals can help you understand your eligibility and explain to you the Medicare Part D plans that are available.
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Medicare Part D helps pay for your prescription medicine
Medicare Part D is the part of Medicare that helps pay for your prescription drugs. Original Medicare does not cover most medicines you pick up at the pharmacy, so Part D fills that gap. It helps lower the cost of both brand name and generic drugs.
Part D is optional, but it is very important. Even if you do not take many medicines today, enrolling on time can save you money later and protect you from penalties.
What Medicare Part D Is
Medicare Part D is offered through private insurance companies that are approved by Medicare. You can get it in two ways.
You can choose a stand alone prescription drug plan, called a PDP, and keep Original Medicare. Or you can join a Medicare Advantage plan that includes drug coverage, called an MA-PD plan.
Both options give you help paying for prescriptions.
What Medicare Part D Covers
Part D helps pay for medicines you take at home. This includes pills, inhalers, and many other drugs.
Every Part D plan must cover a wide range of common medicines. Plans must also cover important drugs for serious conditions such as cancer, HIV, and depression.
Each plan has its own list of covered drugs called a formulary. Before choosing a plan, it is important to check that your medicines are on that list.
When to Enroll
You can first enroll in Part D when you become eligible for Medicare. This is the three months before you turn 65, the month you turn 65, and the three months after.
You can also change or join a plan each year during Annual Enrollment from October 15 to December 7.
Late Enrollment Penalty
If you go 63 days or more without drug coverage after your first chance to enroll, Medicare may charge you a penalty. This penalty is added to your monthly cost and can last for the rest of your life.
Some people qualify for a Special Enrollment Period, such as when job based coverage ends.
Medicare Part D helps make sure you can afford the medicine that keeps you healthy. Enrolling on time protects both your health and your wallet.