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
-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.