Medicare Part D (Prescription Drug Coverage)
- Provided through private insurance plans—either stand-alone or as part of Part C/Medicare Advantage plans.
- Plans must accept anyone who is eligible and enrolls (no pre-existing condition clause).
- Important to enroll when first eligible (unless you have creditable drug coverage), otherwise will incur a penalty for the rest of your life if enrolling later (unless eligible for Low Income Subsidy).
- Plans have different formularies (drug lists) and cost structures.
- Individual is eligible for Part D if they have Part A or Part B.
- Two ways to get Part D drug coverage:
- If beneficiary has Original Medicare, they can purchase a stand-alone prescription drug plan
- If beneficiary has Medicare Advantage Plan, Part D is generally included, and beneficiary receives all Medicare benefits from one plan.
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