MEDICARE PART D

Prescription Drug Coverage

Medicare Part D is a program that helps people with Medicare pay for prescription drugs. It's offered by private insurance companies approved by Medicare, and you can enroll in a Part D plan alongside Original Medicare or as part of a Medicare Advantage plan that includes drug coverage. Part D plans have their own formularies (lists of covered drugs) and my have different costs and rules, depending on the provider and your location.

Click here for a step-by-step guide on how to enroll in Medicare Part D.

Here is a more detailed breakdown:

What it is:

Prescription drug coverage: Part D provides coverage for prescription medications, which the Original Medicare (Parts A and B) does not cover.
Private insurance: It's offered by private insurance companies approved by Medicare.

Why you might need it:

Cost savings: Part D helps lower the cost of prescription drugs, even if you do not currently take any medications.
Late enrollment penalty: If you don't enroll in Part D when you are first eligible and do not have other credible prescription drug coverage, you may have to pay a penalty for as long as you have Medicare drug coverage.

How it works:

Formularies: Each Part D plan has its own list of covered drugs (formulary).
Costs: Part D plans have monthly premiums, and may have deductibles, copays and coinsurance.
Enrollment: You can enroll in Part D during your Initial Enrollment Period (when you join Medicare, usually at age 65), Annual Open Enrolment Period (October 15 – December 7) or Special Enrollment Periods, as described in our Qualifying Life Events.

Important considerations:

Review your coverage: It's a good idea to review your Part D plan each year during the Annual Open Enrollment Period (October 15 – December 7) to make sure it still meets your needs.
Late enrollment penalties: You will incur penalties from Medicare if you delay enrollment in Part D. It is important to sign up in a timely manner.