Understanding Medicare Prescription Drug Plans
You won’t find outpatient drug coverage in Medicare Part A or Part B , even though medicines are a large percentage of many seniors’ health care budgets. That’s one reason why, starting in 2006, Medicare began offering Part D, an optional program that helps cover the cost of prescription drugs. Prescription drug plans are offered by private insurers approved by Medicare . Most recipients pay a monthly premium and various cost-sharing responsibilities, such as copays and deductibles. Signing up on time is important because you may pay a late penalty if you don’t sign up when you are first eligible, usually around your 65th birthday. You can sign up for Medicare Part D in two ways: Medicare Part D stand-alone plans If you have Original Medicare, you can enroll separately in a Part D plan during your initial enrollment or during the annual Medicare open enrollment period , which continues through Dec. 7. Medicare drug plans cover generic and brand-name drugs. All plans must cover the s...