Medicare Part D

Medicare Prescription Drug Coverage

What is Medicare Prescription Drug Coverage?

Medicare Prescription Drug Coverage, or Medicare Part D, provides individuals with optional prescription drug coverage. Medicare Part D is available as a stand-alone prescription drug plan through a private insurance company.  Part D is also available through some Medicare Advantage plans.


As long as you are enrolled in Medicare Parts A and/or B, you have the option to choose a Medicare prescription drug plan. In order to receive Medicare Part D, you must join a plan run by a private insurance company approved by Medicare. Each prescription drug plan will vary in cost and the drugs covered by the plan.

You will share the costs of your prescription drugs according to the specific plan you’re enrolled in. These costs may include a deductible, a flat copay amount, or a percentage of the full drug cost (called “coinsurance”).

If you have limited income and cannot afford the medications you need, even though you receive Medicare Part D benefits, you may qualify for an extra help program. This program offers financial assistance for your monthly premium, deductible, copayment or coinsurance.


Who is eligible for Medicare Prescription Drug Coverage?

If you are an individual with Medicare Parts A and/or B and you do not already have prescription drug coverage you may enroll in Medicare Part D.


If you do not have credible prescription drug coverage and you do not enroll in Medicare Part D coverage when you are first eligible, you may have to pay a late enrollment penalty once you do decide to participate in a prescription drug plan.


What is considered Creditable Prescription Drug Coverage?

  • Coverage covered by a Pension Program
  • Coverage covered by an employer
  • Coverage covered by a union
  • Medicare Advantage pans including prescription drug coverage


Do you have further questions about your Medicare options? Connect with any of our licensed agents to answer your Medicare questions or discuss a Medicare plan option that may be right for you.


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