Medicare Part D
What Does Medicare Part D Cover?
Part D is also known as prescription drug coverage. There are two ways to get Medicare prescription drug coverage: (1) Medicare Prescription Drug Plans - these plans add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Advantage Private Fee-for-Service (PFFS) plans, and Medicare Medical Savings Account (MSA) plans; (2) Medicare Advantage Plans (like HMOs or PPOs) or other Medicare health plans that offer Medicare prescription drug coverage. You get all of your Part A, Part B, and Part D prescription drug coverage through these plans.
Who is Eligible for Medicare Part D?
Anyone eligible for Medicare Part A and Part B is also eligible for Part D coverage.
When do you get Medicare Part D?
You can sign-up during your Initial Enrollment Period (typically when you turn 65 or you start taking Social Security). If you chose not to sign up for a Medicare Advantage plan during your Initial Enrollment Period, you can sign up during Annual Election Period from October 15th to December 7th each year. There is no premium penalty for signing up for prescription drug coverage after your Initial Enrollment Period.
What Does Medicare Part D Cost?
You continue to pay your Medicare Part B premium and may pay an additional premium for Part D prescription drug coverage. Every Medicare Prescription Drug Plan has a formulary that lists drugs covered by the plan. The tier(s) your drugs will determine the price you pay for your monthly premium.
Important Reminders about Part D:
Prescription drugs can be very costly. It's important to choose a plan that covers the drugs you need under their formulary. Check and compare formularies for different Medicare Prescription Drug Plans before making a decision.