What is Medicare Prescription Drug Coverage?
Medicare offers prescription drug coverage for everyone with Medicare. This is called "Part D." This coverage may help lower prescription drug costs and help protect against higher costs in the future. It can give you greater access to drugs that you can use to prevent complications of diseases and stay well.If you join a Medicare drug plan, you usually pay a monthly Premium. Part D is optional. If you decide not to enroll in a Medicare drug plan when you are first eligible, you may pay a Penalty (see Choosing Medicare Prescription Drug Coverage for the First Time) if you choose to join later. These plans are run by insurance companies and other private companies approved by Medicare.
There are two ways to get Medicare prescription drug coverage:
- Join a Medicare Prescription Drug Plan (Part D) that adds drug coverage to the Original Medicare Plan, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Accounts.
- Join a Medicare plan (like an HMO or PPO) that includes prescription drug coverage as part of the plan. You get all of your Medicare coverage through these plans, including prescription drugs.
Medicare offers help to employers and unions to help pay for prescription drug coverage. If you have employer or union drug coverage, see Employer or Union Health Coverage. Joining a Part D plan could end the retiree health benefits you and your family get. Talk to your benefits administrator.
Learn more about the Medicare Part D program by selecting a topic below:
- How do Medicare Part D Work?
- How Much does a Medicare Part D Plan Cost?
- Comparing Medicare Part D Plans
- 1st Time Choosing Plan?
- How much will my Late Enrollment Penalty be?
- Switching Part D Plans
- Medicaid Full Coverage
- Other Help Paying Prescription Costs
- Employer & Union Prescription Drug Plan
- TRICARE, VA, or FEHBP
- How to Join a Part D Plan?
- Getting the Most out of Part D
- Filling a Prescription Before you Receive Your Card
- Some Drugs are Excluded from the Part D Program
- What are the Prescription Drug Plan Rules?
- Drugs not Listed in Formulary or Requiring Step-therapy
- What are the Drug List (Formulary) "Tiers"?
- Generics vs Brands?
- Premium Payment Optons
- What to do if I Move?
(Primary Source: Centers for Medicare and Medicaid Services - Medicare and You Handbook. This content may have been enhanced by this site to include further examples, explanations, and links.)