Medicare Part D prescription drug coverage, often referred to as Part D, is available from private insurers to anyone who is also eligible for Original Medicare and permanently resides in the service area of a Medicare Prescription Drug Plan. Different insurers offer different types of plans, so your premium and out-of-pocket expenses for prescription drugs will vary.
Typically you pay a monthly premium to be covered under the plan. Also you should be aware of variations in the coverage and cost sharing associated with plans.
In general, Medicare Part D coverage includes:
1. Medicare Prescription Drug Plans (Part D), provide eligible individuals with prescription drug coverage since Original Medicare benefits do not cover most medications.
2. If you do not enroll in a Part D plan when you are first eligible, and do not have creditable prescription drug coverage (for example, from a current or former employer or union), you may have to pay a late penalty for each full uncovered month that you were eligible but wothout creditable insurance. You may have to pay this penalty for as long as you have a Medicare Drug Plan.
3. Each plan can vary in cost and the list of drugs that are covered, so it’s important to choose the right one for your needs.
4. Most Drug Pans charge a monthly fee that varies by pan. If you enroll in a Medicare Advantage Plan (Part C), you usually get prescription drug coverage (Part D) included as part of the plan at no extra charge.