Medicare offers prescription drug coverage to everyone with Medicare. If you choose not to join a Medicare Prescription Drug Plan (PDP) when you’re first eligible, and you don’t have another creditable PDP coverage, or you don’t get Extra Help you will likely pay a late enrollment penalty. To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered.

Things to consider when choosing a Medicare Part D Prescription Drug plan (PDP).

1. How does it work?

2. What does it cover?

3. Does the plan cover my prescription drugs?

4. Which plan will be most cost effective?

5. When can I enroll in a plan?

6. If I don’t take prescriptions do, I have to get Part D?

Original Medicare (Parts A and B) does not include prescription drug coverage. Medicare Part D plans cover certain prescription drugs. When comparing Medicare Part D coverage, check each plan’s formulary (drug list) to make sure your drugs are included.

• The federal government sets guidelines for the types of drugs Medicare Part D plans must cover.
• Each Part D plan decides which specific drugs it will cover on their formulary list and what members will pay (deductibles and co-pays).
• When choosing a Part D plan, you can only do so through a private insurance companies contracted with Medicare.
• Although you are not required to enroll in Part D, there is a penalty of 1% of the average monthly premium for each month you delay enrollment.

Your Initial Enrollment Period (IEP) is 7 months long. It includes your birthday month, plus the 3 months before and the 3 months after your birthday month. You have a two-month Special Election Period to enroll in a Medicare Part D plan after losing other coverage. There is a penalty if you go without creditable coverage over 63 days.

There are 2 ways to get prescription drug coverage:

1. Medicare Prescription Drug Plans (Part D) These plans, sometimes called PDP’s, add drug coverage to original Medicare.

2. Medicare Advantage Plans (Part C) include Part A (Hospital Insurance) and Part B (Medical Insurance) and Part D. These plans are also known as MAPD’s.

Extra Help Link;
https://secure.ssa.gov/i1020/start