Part D Plans
Rx Drug Plans
Medicare offers prescription drug coverage to everyone with Medicare. If you decide not to join a Medicare Prescription Drug Plan when you’re first eligible, and you don’t have other creditable prescription drug coverage, or you don’t get Extra Help, you’ll likely pay a late enrollment penalty.
To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered.
Two Ways to Get Drug Coverage
- Medicare Prescription Drug Plan – These plans (sometimes called “PDPs”) add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.
- Medicare Advantage Plan- Part C (like an HMO or PPO) or other Medicare health plan that offers Medicare prescription drug coverage. You get all of your Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) coverage, and prescription drug coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.” You must have Part A and Part B to join a Medicare Advantage Plan.
Joining a Medicare drug plan may affect your Medicare Advantage Plan if your Medicare Advantage Plan (Part C) includes prescription drug coverage and you join a Part D plan, you’ll be disenrolled from your Medicare Advantage Plan and returned to Original Medicare.
Since there are a variety of stand alone Part D plans in our area, you may want to have me do a free cost assessment to determine what your average annual cost is for medications. That way you won’t be surprised at a later date.