What is Medicare Prescription Drug Coverage?

Also known as Part D, your Medicare Prescription Drug Coverage offers prescription drug coverage to anyone with Medicare.

It's important to note that this is not automatically included once you've enrolled in Original Medicare (Part A and Part B).


Your Prescription Drug Plan Options

There are two different ways that you can purchase a Medicare-approved Prescription Drug Plan.

Option 1
If you have Original Medicare (Parts A and B), you can enroll in a Prescription Drug Plan through a private insurance company that is approved by Medicare.

Option 2
Enroll in a Medicare Advantage Plan that does include prescription drug coverage. You'll receive all of your Medicare Part A, Part B and Prescription Drug coverage through this plan. These are called MA-PD plans.


The Costs

Your monthly premium for your Prescription Drug plan depends on which plan you choose to enroll in. Like your Part B premium, this premium depends on your income.

If you choose to enroll in a stand-alone Prescription Drug Coverage, you'll pay a monthly premium (deducted from your Social Security check, like Part B).

If you belong to a Medicare Advantage plan that includes Prescription Drug coverage, the cost will be included with your Medicare Advantage premium based on the plan option selected.


Medicare Eligibility

For many, qualifying for Medicare simply means turning 65. But there are other eligibility requirements you should be aware of. Discover if you're eligible here.

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