Medicare Part D is prescription drug coverage that helps cover the costs of prescription drugs.
It's available to people who are 65 or older, as well as younger people with certain disabilities and people with End-Stage Renal Disease (ESRD).
Medicare Part D helps cover the costs of most prescription drugs. However, there are some limitations. For example, Medicare Part D doesn't cover over-the-counter drugs or drugs that are not FDA-approved.
The cost of Medicare Part D varies depending on the plan you choose. Some plans have no monthly premium, while others may have a premium. You may also be responsible for paying a deductible and coinsurance.
To be eligible for Medicare Part D, you must be enrolled in Medicare Part A or Part B. You must also live in the service area of the Medicare Part D plan you choose.
You can enroll in Medicare Part D during your Initial Enrollment Period (IEP), which is the seven-month period that begins three months before your 65th birthday and ends three months after your 65th birthday. You can also enroll in Medicare Part D during a Special Enrollment Period (SEP). SEPs are available for certain life events, such as losing job-based health insurance.
Medicare Part D plans have formularies. A formulary is a list of drugs that the plan covers. You must use a drug on the plan's formulary to get full coverage.
Medicare Part D plans have coverage gaps. A coverage gap is the period of time when you're responsible for paying the full cost of your prescription drugs.
You can change your Medicare Part D plan once a year during the Medicare Part D Open Enrollment Period, which runs from October 15 to December 7 each year.
You can get more information about Medicare Part D by visiting the Medicare website or calling 1-800-MEDICARE (1-800-633-4227). You can also talk to a Medicare counselor. Medicare counselors are trained to help you understand your Medicare options.