Prescription Drug Coverage (Part D)
Medicare Prescription Drug coverage is offered via a stand-alone plan. Or, prescription drug coverage may be included in a Medicare Advantage Plan (MAPD).
Who is eligible?
In order to be eligible for Medicare prescription drug plan (Part D), the enrollee must be enrolled in Medicare Part A and/or be elgible or enrolled Medicare Part B.
When to enroll?
There are different periods when a beneficiary may be eligible to enroll in a prescription drug plan. Here are a few:
- New to Medicare (IEP)
- Qualify for Low-income assistance (SEP)
- Annual Election Period (AEP)
It is important to understand the late enrollment penalty for Part D.
A late enrollment penalty fee can occur at the time of enrolling for drug coverage, IF an individual did not obtain coverage when eligible AND did not have creditable drug coverage during the period without Medicare drug coverage (i.e. employee group plan, VA benefits, etc). Seek professional advice.