Prescription drugs are not covered by Original Medicare nor Medigap plans. Medicare Prescription Drug plans are available through Medicare-approved private insurance companies to provide this coverage. These plans assign each medication to a certain tier, each tier with an associated copay/coinsurance. Part D plans provide a drug formulary for you to see which tier(s) your medications fall into. This will help you determine which plan is right for you and your prescription needs.
Any beneficiary who is eligible for Original Medicare, Part A and/or Part B can sign-up for Medicare Part D if they are a permanent resident of the Medicare Prescription Drug Plan service area. Medicare Prescription Drug coverage is optional, but if you don’t enroll in Part D as soon as you’re eligible, you might pay a late-enrollment penalty if you enroll later.
You can get Medicare Part D coverage with a stand-alone Medicare Prescription Drug Plan if you’re enrolled in Original Medicare, or, with a Medicare Advantage Prescription Drug Plan (MAPD). A MAPD is a Medicare Advantage plan that provides prescription drug coverage. Monthly plan premiums and out-of-pocket expenses for prescription drugs will vary from plan to plan, as different insurers offer different types of plans.
For more information about Part D plans, click here.