Medicare Part D
(Prescription Drug Coverage)
What is it?
Like Medicare Part C, Medicare Part D (sometimes called a Medicare Prescription Drug plan) is a private health insurance plan that you get through an independent insurance company.
What does it cover?
Medicare Part D helps cover the cost of prescription drugs and medications (both generic and name brand) that aren’t covered by Medicare Parts A and B (Original Medicare).
Each Prescription Drug plan has a different list of covered medications based on your area of coverage. This is sometimes called a “formulary.” Typically, your formulary will place different drugs in different tiers, according to cost. Lower-tier drugs generally cost less, and higher-tier drugs generally cost more.
Who is eligible?
You’re eligible to enroll in a Medicare Part D plan if you:
- Are eligible for Medicare Part A, Part B, or both
- Live in an area where your insurance provider offers Medicare Part D plans