D is for Drugs!

In 2006 Medicare began providing coverage for prescription drugs to Medicare Eligible beneficiaries with the implementation of Medicare Part D. Unlike parts A and B which are directly funded and run by the federal government (CMS), Medicare Part D is offered by private insurance carriers however, is still overseen and subsidized by CMS. CMS sets the base coverage limits that each plan must follow, but allows the insurance carriers to set up their own plans within these limits. Although plans must meet CMS approval, private insurance carriers may set their own premiums, copay structures, and formularies. Because there are so many carriers, there are multiple plans available from which to choose from. With the numerous amounts of plans available, no one plan is suited for everyone.

There are two ways a Medicare beneficiary can get Part D coverage; by either enrolling in an Individual Medicare Part D plan (PDP), or by enrolling in a Medicare Advantage Plan with Part D coverage (MA-PD). 

Given the confusing and complex nature of Part D Drug Plans, we have put together a few key questions and answers to help guide you toward the plan that will best suit you:

What is the Standard Part D plan?

How Do I pick a Plan?

When Can I Enroll in a Plan?

Am I eligible For a Part D Plan?

How can I prolong reaching the Coverage Gap?

What if I choose not to enroll?

What if I have coverage from a former employer or Union?