Medicare Part D is prescription drug coverage. This option helps cover your out-of-pocket costs for any prescription drugs that you need. The best part is that you can choose from different Medicare Part D plans to find one that works best for you.

For example, you can choose the cheapest plan and get access to generic drugs. On the other hand, you can pick a plan that lets you take advantage of certain expensive or newer medications that are not yet available as generic alternatives.


Find Out How to Get Your Prescriptions Covered With Medicare Part D

Unlike Medicare Part A, which helps cover hospital costs, Medicare Part D is optional. This means that you can simply decline the coverage when you sign up for Parts A and B (or for Medicare Part C if you are replacing Original Medicare with a private plan).

However, even though you are not required to enroll in this coverage, you may still face a late enrollment penalty if you join after your initial eligibility period.

You can combine Medicare Part D with either Original Medicare or a Medicare Advantage Plan.

There are a few tips to keep in mind when you are deciding which Medicare Part D plan is right for you:

  • Make sure your drugs are covered. If you already take certain medications or expect to take certain drugs in the near future, make sure your plan covers them.
  • Pay attention to tiered pricing. If most or all of the medications you take are generic, then it does not make sense to pay for an expensive plan that covers brand-name drugs. Make sure to look at the pricing for plans with low copays for generic options.
  • Plan ahead. Even if you do not take any drugs now, remember that waiting too long to enroll in Medicare Part D may come with lifetime penalties. Therefore, it may be better to choose a very cheap plan now and switch to a plan with more coverage later.

With Medicare Part D, you’re in charge. You pick the plan, the premium, the deductible and the copayments based on your budget and your needs. All you need to do is enroll online.