Medicare Part D
What exactly is it?
Medicare Part D
Medicare Part D is a voluntary prescription drug benefit that helps cover the cost of most outpatient prescription drugs, including many recommended vaccines and shots. Part D is available to everyone who qualifies for Medicare, but it's optional and only offered through private insurance companies.
Here are some things to know about Medicare Part D:
Enrollment
It's recommended to enroll in Part D when you first get Medicare to avoid gaps in coverage and enrollment penalties. If you don't enroll when you first get Medicare, you'll pay an extra 1% for each month you delay enrollment, up to 12% per year.
Plan options
You can enroll in Part D as a stand-alone plan or as part of a Medicare Advantage Plan. Medicare Advantage Plans typically include Part D coverage.
Drug coverage
Each Part D plan has a list of covered drugs, called a formulary. If your drug isn't on the formulary, you may have to pay out of pocket or request an exception.
If you would like to learn more.
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