|
Part D
|
Medicare Part D
Prescription drug coverage -Part D coverage is available only from private companies contracted by the federal government -Part D plans are required by federal law to offer the basic benefits offered by Medicare -Each Part D plan has its own list of covered drugs; choose the one that includes medicines you take regularly. You usually choose Part D in one of two ways: -A stand-alone insurance plan you buy to help cover medicines(PDP) -As part of a Medicare Advantage plan that includes Part D(MAPD) -If you enroll in a Medicare Advantage plan with prescription drug coverage, you don’t need to sign up for a stand-alone prescription drug plan. |
|
|
The Coverage Gap Medicare Part D have a coverage gap, also known as the "donut hole," when you may have to pay a higher percentage of your prescription drug costs. You move into and out of the coverage gap when your total costs reach a specified dollar amount. These amounts are adjusted annually by CMS. |
If you decide not to join a Medicare prescription drug plan when your're first eligible and you don't have other creditable coverage or get Extra Help, you'll likely pay a late enrollment penalty if you join later.