Prescription Drug Coverage

 Medicare Part D is the prescription drug coverage component of Medicare. It is designed to help beneficiaries pay for both brand-name and generic medications. Part D plans are offered by private insurance companies approved by Medicare, and they work alongside Original Medicare (Parts A and B) or as part of a Medicare Advantage plan (Part C). Each plan has its own list of covered drugs, known as a formulary, and may include different tiers that determine the cost of medications. Part D plans typically involve monthly premiums, annual deductibles, and copayments or coinsurance. To avoid late enrollment penalties, it’s important for eligible individuals to enroll when they first become eligible for Medicare or have other creditable prescription drug coverage.