Medicare Part D Plans
5 things to know about Medicare Part D drug plans:
- Medicare Part D plans provide prescription drug coverage.
- About 23.2 million people were enrolled in stand-alone Medicare Part D plans in 2015, according to the Kaiser Family Foundation (KFF).
- Part D plans may have different benefits, formularies, tiers, coverage rules, and pharmacy networks.
- Part D costs can include plan premiums, late enrollment penalties, and "donut hole" costs.
- You should review Part D plan costs, coverage rules, and star ratings before enrolling in a plan.
Medicare Part D provides prescription drug coverage for Medicare enrollees. Part D plans are offered by private insurers, not the federal government. It is optional coverage that works with many other forms of insurance, including Original Medicare, Medicaid, employer health plans, and, in some cases, Medicare Advantage plans.
In 2015, approximately 23.2 million people had prescription drug coverage through a Medicare Part D plan, according to the KFF.
Each Part D prescription drug plan may have varying benefits, costs, and rules.
Enrollment and eligibility
You must be enrolled in Medicare Part A and/or Part B before you can enroll in a Medicare Part D prescription drug plan.
You must wait for an enrollment period to sign up for, make changes to, or leave a Medicare Part D plan.
Part D plans have different formularies, tiers, coverage rules, and pharmacy networks.
A Part D plan formulary (drug list) outlines which prescription drugs are covered. Plans may place prescription drugs into tiers, which have different costs.
Coverage rules such as quantity limits, prior authorization, and step therapy may limit how and when you receive your prescription drugs.
Part D plans also may have pharmacy networks, which may impact the cost of your prescription drugs.
More info: Part D benefits
Part D costs
Medicare Part D prescription drug plans are not free. If you have a Part D plan, you may have to pay premiums, "donut hole" drug costs, and other out-of-pocket costs like deductibles.
There are many Part D plans to choose from. Most regions have about 30 different plans available, according to the KFF.
Before you choose a plan to enroll in, you should review its benefits, costs, and star ratings.
Our online plan comparison tool can help you easily evaluate all of these factors for available plans in your area offered through this website.
More info: Comparing Part D plans
MedicareAdvantage.com is a website owned and operated by TZ Insurance Solutions LLC. TZ Insurance Solutions LLC is a licensed and certified representative of A Medicare Advantage [HMO, PPO and PFFS] organization and a stand-alone prescription drug plan with a Medicare contract. Enrollment in any plan depends on contract renewal.
TZ Insurance Solutions LLC and the licensed sales agents that may call you are not connected with or endorsed by the U.S. Government or the federal Medicare program. This website does not contain a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE (TTY users should call (877) 486-2048), 24 hours a day / 7 days a week or consult www.medicare.gov.
Not all plans or products are available in all markets. Additional plans may be available in your service area.
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Last Updated: 8/16/2016