MEDICARE PART D
- Cost of prescriptions (including many recommended shots or vaccines)
- Part D plans are run by private insurance companies that are contracted by Medicare. They must follow rules established by Medicare.
- Most plans have monthly premiums, deductibles and cost shares. The premiums are income-based.
- Most plans cover generic and brand name drugs. These plans must all have a list of the drugs along with a guide to let you know what tier they belong in.
- If you do not enroll in a Part D plan when you are first eligible, you will pay a monthly Part D late enrollment penalty if you join at a later date. In most cases, you will pay the penalty as long as you have Medicare prescription drug coverage. The penalty increases the long you go without Part D coverage or creditable drug coverage. Your non-Medicare plan must tell you each year if your drug coverage is creditable or not. Creditable drug coverage means that:
- You haven’t gone more than 63 days or more in a row without creditable drug coverage.
- Creditable drug coverage could be prescription drug coverage from your employer the VA, COBRA, Indian Health Services, FEHB, or a state program (including Federal Marketplace health plans) or a private individual health plan.
