PRESCRIPTION DRUG PLANS

Medicare Part D Prescription Drug Plans (PDP) provide coverage for prescription medications, with various plans available through private insurers. These plans help cover the costs of medications, though coverage and costs can vary. Each plan includes a monthly premium, and some may have an annual deductible, as well as copayments or coinsurance for each prescription. 

You can enroll in a Part D plan during your Initial Enrollment Period, the Annual Enrollment Period (October 15 - December 7), or during Special Enrollment Periods if you qualify. Be aware that enrolling late might result in a penalty. Each plan has its own formulary, or list of covered drugs, which are often categorized into tiers affecting your costs. 

Part D plans may also have preferred pharmacy networks, which could offer lower costs if you use in-network pharmacies. While these plans offer significant savings on prescription medications, they do not cover all drugs and the costs can vary based on the specific plan and the tier of each medication. When choosing a plan, it’s important to compare the formularies, premiums, deductibles, and overall costs to find the best fit for your medication needs.