A, B, C and D’s of Medicare

Medicare Part D (Medicare Prescription Drug Coverage)

Medicare Part D standalone prescription drug plans help lower your prescription drug costs and help protect against higher costs in the future. These plans are offered by private insurance companies that contract with Medicare. These plans can be used with Original Medicare, Original Medicare and a Medicare Supplement Plan or a Medicare Advantage plan that does not include prescription drug coverage.

How much does it cost?

Premium and coverage vary by company. You may also qualify for extra help with your prescription drug plan premiums and copays . Please see Extra Help with Prescription Drugs for more details.

When to Enroll

First you must be enrolled in Medicare Parts A and B to enroll in a Medicare Part D prescription drug plan. Your initial election period for Medicare Part D lasts for 7 months including the month you become eligible for Original Medicare and the three months prior and after the month you become eligible.

After this initial election period ends, you are locked-in to the plan you choose until the next Annual Election Period. It’s important to remember that you have an opportunity each year to change your Medicare Part D prescription drug plan. However, you can only change at certain times of the year. Please see Important Dates for Part C & D for more information.

Late Enrollment Penalties for Medicare Part D Coverage

If you do not enroll in a standalone Medicare Part D Prescription Drug plan or a Medicare Advantage plan with prescription drug coverage when you first become eligible or within 63 days of losing creditable coverage, you may have to pay a late enrollment penalty to join a plan later. This penalty is 1% of the current monthly premium amount for every full month you were without Medicare Part D prescription drug coverage. This amount is added to your monthly premium for as long as you have a plan.