Part D

In 2006, the federal government introduced Medicare Part D, a program designed to assist beneficiaries in managing the costs of their prescription drugs. Administered by private insurance companies, Medicare Part D offers a range of plans for beneficiaries to compare and choose from according to their preferences. Enrollment in Medicare Part D is voluntary, allowing individuals the flexibility to decide whether to join a plan or not. By enrolling in Part D, beneficiaries gain access to discounted retail prescription drugs and protect themselves from significant expenses that may arise from expensive medications.

If you decide not to enroll in Medicare Part D when you first become eligible for Medicare, you have the option to choose a plan at a later time. Each year, during Medicare’s Annual Election Period from October 15 to December 7, you can make changes to your plan such as adding, dropping, or switching your selections. Monthly premiums for Part D coverage vary by plan. Premiums are determined in large part by the formulary, or list of prescription drugs covered under the plan.