Part D – Prescription Drug Coverage

 Medicare Part D is coverage offered by private insurance companies that cover your prescription drugs. You will have a monthly premium plus co-pays for each medication depending on whether it is generic, brand name, or a specialty medication.

Signing up for a Part D – Prescription Drug plan depends on which coverage you have:

Medicare Supplement (Medigap): These plans are not allowed to include any drug coverage, so you will need to add a stand-alone prescription drug plan.

Medicare Advantage plan: The majority of the Medicare Advantage plans will include a prescription drug plan within them, so there is no need to get a stand-alone plan.

*VERY IMPORTANT NOTES*

1. You will be penalized if you do not get a Prescription drug plan and do not have other creditable coverage. You can read more about Medicare penalties and how to avoid them here.

2. There is a tremendous difference in your out of pocket costs for Medicare from one plan to another. It is critical that you work with a professional who can go through all of your medications and help you select a plan that covers them with reasonable co-pays.

3. If you have income below certain thresholds, you may be eligible for government prescription drug plan assistance programs. These amounts vary by state but will lower or eliminate your costs. Contact us to see if you apply for the “Extra Help” program.