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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