Medicare Part D Plans

What is Medicare Part D?

Part D is Medicare's prescription drug benefit. Original Medicare and Medicare Supplement Insurance generally don't cover the prescriptions you pick up at a pharmacy. Part D is designed to help cover the cost of those medications for Medicare-eligible individuals. You can get it as a stand-alone plan alongside Original Medicare or a Medicare Supplement plan or it may already be included in your Medicare Advantage plan.

What if I don't take any medications now?

It's important to enroll in a Part D plan as soon as you're eligible, even with no current prescriptions. If you go 63 days, or more, without "creditable coverage" (prescription drug coverage that's expected to pay, on average, at least as much as Medicare drug coverage) and enroll later, you face having a permanent late enrollment penalty added to your monthly premium for as long as you have Part D. Medication needs can also change quickly, so having coverage in place beforehand is essential.

Why the "right" plan is personal

Every Part D plan has its own list of covered drugs (categorized into differently priced Tiers) and its own network of preferred pharmacies. Two plans with similar monthly premiums can have very different drug costs; depending on which medications you take, what Tier the plan decides to put your medication in and where you fill your prescriptions. This is why a boilerplate "best plan" doesn't exist. The best plan is the one that matches your prescription list and your preferred pharmacy; resulting in the lowest out-of-pocket annual cost for both your drugs and your premium, combined.

Part D plans and their drug lists can change every year, even if you don't do anything on your end. Arlyne recommends a quick annual review during the fall Annual Enrollment Period to make sure your plan still fits.