Medicare Part D
Medicare Part D is a prescription drug coverage plan that is offered to everyone with Medicare.
Before we talk about your choices, there are a few things you need to know.
What You Need To Know:
- You should really consider joining a Medicare drug plan when you are first eligible, otherwise you may pay a late enrollment penalty.
- If you don’t think you can afford a drug plan, you may be eligible for what is called “Extra Help.”
- Make sure your medication is on the drug plan’s formulary—this is a list of covered drugs and you should be able to find the list on the plan’s website. If not, call them. Also double check the level of coverage or the percentage that the plan will pay.
- Make sure you live in the plan’s service area.
Choice 1: Medicare Prescription Drug Plans
These are prescription drug plans that you can add to “original Medicare,” or Part A and B. They are offered by private companies and plans will vary.
Choice 2: Medicare Advantage Plans
These are HMO or PPO plans that already include prescription drug coverage. In some cases, you only have coverage if you go to a pharmacy in the plan’s network.
Each plan is different so check the costs for monthly premiums, yearly deductibles, and copayments/coinsurance.