Medicare Part D Prescription Plans

Medicare offers prescription drug coverage to everyone with Medicare. There are certain scenarios where you may have to pay a late enrollment penalty. This could happen if you decide not to join a Medicare Part D Prescription Drug Plan when you’re first eligible and don’t have other credit prescription service.

To get Medicare coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and coverage.

part d

Two Ways To Get Drug Coverage

  1. Medicare Prescription Drug Plan (Part D.) These plans sometimes called “PDP” add drug coverage to the original Medicare, some Medicare Cost Plans, some Medicare Private Fee- For- Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.


  1. Medicare Advantage Plan (Part C) like an HMO or PPO or other Medicare health plans that offers Medicare prescription drug coverage. You get all of your Medicare Part A (Hospital Insurance) and Medical Part B (Medical Insurance) coverage and prescription drug coverage (Part B) through these plans.


What Drug Plans Cover

Each Medicare Prescription Drug Plan has its own list of covered drugs (called formulary.) Many Medicare drug plans place into different tiers on their formularies. Drugs in each tier vary in cost. A drug in a lower tier will generally cost less than a drug in a higher tier.

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