Medicare Part D (Prescription Drug Coverage)
U.S. Centers for Medicare & Medicaid Services
Medicare drug coverage (Part D) helps pay for the brand-name and generic prescription drugs Medicare beneficiaries need. It is optional and is offered to everyone with Medicare by insurance companies and other private companies approved by Medicare. Beneficiaries can get Part D either as a stand-alone Prescription Drug Plan (PDP) added to Original Medicare, or bundled into a Medicare Advantage plan (MAPD). Each plan has its own formulary (list of covered drugs) and pharmacy network. Beneficiaries who do not enroll when first eligible and do not have other creditable drug coverage may owe a late enrollment penalty if they join later. Low-income beneficiaries may qualify for Extra Help (Low-Income Subsidy) to lower or eliminate premiums and copays.