Medicare Part D Prescription Drug Coverage
Medicare Part D, also called the Medicare prescription drug coverage, is a United States federal-government program to subsidize the costs of prescription drugs and prescription drug insurance premiums for Medicare beneficiaries.
Part D is optional and available to Medicare beneficiaries who are enrolled in Original Medicare with Part A & B and most Medicare HMO Advantage Plan members.
Part D plans are offered by private insurance companies that are Medicare approved. Monthly premiums, deductibles, copayments and drug coverage vary by company.
It is wise to enroll in Part D prescription drug plan as soon as you become Medicare eligible. It is important to know that you may enroll in Part D three months before your 65th birthday, your birthday month and the three months after, or when you retire. Failure to enroll in Part D drug plan will result in a Late Enrollment Penalty (LEP).
You may also qualify for Part D prescription drug Extra Help to help pay for your copayments if your combined income and assets are no more than $13,640 annually or $27,150 when living with your spouse.
You can add or change your Part D plan during the Annual Election Period, which is annually from October 15th to December 7th or if you qualify for a Special Enrollment Period (SEP).