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Medicare Part D Explained

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Medicare Part D
Medicare Part D Explained

June 19, 2020 //  by Jenna Raymond

Medicare Part D Drug Plans Explained

A Medicare Part D plan, or drug plan, is a stand-alone plan which helps cover the cost of your prescription drugs. Medicare Part D plans are offered by private insurance companies. Part D plans may have premiums, deductibles, and co-pays based on the tier under which your specific drug is classified.

Medicare requires you to enroll in a Medicare Part D plan either as a stand alone plan in conjunction with your Medicare Supplement or as a part of your Medicare Advantage plan. If you do not elect Part D coverage when you are first eligible and you sign up later, you will be charged a late enrollment penalty each month in which you have Part D coverage after your late enrollment.

Medicare Part D plans are also subject to the Annual Enrollment Period (AEP) from October 15th – December 7th every year and plans do change each year. Each fall, you need to review the available Part D drug plans for the coming year and your current medications with your agent to ensure you are on the optimal plan for your individual situation for the coming calendar year.  

 

Category: Medicare

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