Part D (Prescription Drug Coverage)
What is it?
Medicare Part D is insurance that can help you pay for prescription medications. It is only offered by private insurance companies that are approved by Medicare.
What are the details?
To enroll in Medicare Part D, you must:
- Be eligible for Medicare Part A and/or enrolled in Medicare Part B
- Live within your insurance company's area of service
- Enroll when you turn 65 or first become eligible for Medicare. If you do not enroll during this period, you may have to pay a late enrollment penalty.
What else should I know?
- If you have something called creditable coverage, you may not need to enroll in a Medicare Part D plan. Creditable coverage is prescription drug coverage that is equal to or better than the Medicare-designed plan.
- If you have Medicare Part C, also known as a Medicare Advantage plan, check to see if you already have prescription drug coverage as part of that plan.
- Every Part D plan has its own list of covered drugs. If you're on a medication, you should find out if the drugs you take are covered under the plan's drug list. You should also make sure you know your copays, deductibles and monthly premiums.