Part D is a type of prescription drug plan coverage offered to Medicare eligible consumers by private insurance companies. Part D drug plans must be approved by Medicare and are designed to reduce the cost of prescription drugs and the overall annual costs of medications.
Consumers will typically need to enroll when they first become eligible in order to avoid penalties. There are exceptions. Failure to enroll at the appropriate time may expose a consumer to a late payment penalty.
Premiums, deductibles and copays vary from plan to plan. More importantly, medications within a particular plan can change. It is essential to review your Part D Drug Coverage annually to make certain you are not over paying for medications! Schedule 15 minutes on my calendar here.