Medicare Part D
A prescription drug pan (PDP) is a stand-alone plan, covering prescription medication. Original Medicare (Part A and Part B) does not include prescription drug coverage. When you sign up for Medicare, you are not automatically enrolled in a drug plan.
There are a wide array of prescription drug plans all with a variety of coverage and premiums. Some have a deductible, some do not. All plans include commonly used generic and brand name drugs, but each plan covers different coverage lists of drugs, known as a formulary. Additionally, plans have different Preferred Pharmacies, where you can fill your prescriptions at a lower cost.
The Basics of Prescription Drug Coverage
Who can get Medicare prescription drug coverage?
Everyone with Medicare is eligible for this coverage, regardless of income and resources, health status, age or current prescription expenses.
When can I get Medicare prescription drug coverage?
You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you are under the age of 65 and get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments. If you don’t sign up when you are first eligible, you may pay a penalty. If you didn’t join when you were first eligible, your next opportunity to enroll will be from October 15 to December 7.
Why should I get Medicare prescription drug coverage?
Medicare prescription drug coverage provides greater peace of mind by protecting you from unexpected drug expenses. Even if you don’t use a lot of prescription drugs now, you should still consider joining. As we age, most people need prescription drugs to stay healthy. Joining now means protection from unexpected prescription drug bills in the future.
“We do not offer every plan available in your area. Currently, we represent 6 organizations that offer 48 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
During the Medicare Advantage Open Enrollment Period (MA OEP)- January 1 – March 31), Medicare Advantage plan enrollees may enroll in another Medicare Advantage plan or disenroll from their Medicare Advantage plan and return to Original Medicare. During MA OEP, unless you qualify for a Special Enrollment Period, enrollment in a new plan for existing Medicare Advantage enrollees is only permitted during MA OEP.”
