Prescription Drug Coverage (Part D)
What is Medicare Part D?
Participation in a prescription drug plan is completely optional but highly recommended. With the soaring cost of medical care, you’ll want to explore ways to get your drug costs covered, even if you don’t take any prescriptions today.
Here’s what you need to know:
How Do I Buy Medicare Part D?
To be eligible for Medicare Part D, you must be enrolled in Medicare Parts A and B. If you don’t enroll in Part D when you are first eligible and go without creditable prescription drug coverage for 63 days in a row or more (no coverage or coverage below Medicare’s standards), you could face a late-enrollment penalty that equals 1% of the “national base beneficiary premium” times the number of uncovered months if you sign up for coverage later. This penalty will be added to your monthly Part D premium permanently. This is why it’s important to enroll, regardless of whether or not you are taking prescription drugs today.
There are two ways to buy Part D coverage: Enroll in a Medicare Advantage plan that includes this benefit, or purchase a standalone Medicare Prescription Drug Plan.
For a complete list of available plans please contact 1-800- MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov.