208-664-8980

1875 N. Lakewood Dr.
Suite 102
Coeur d'Alene, ID 83814

Insurance Read Time: 2 min

Prescription Drug Benefits Under Medicare (Part D)

Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is never provided directly by the government (unlike Original Medicare).

If you want to get Part D coverage, you have to choose and enroll in a private Medicare prescription drug plan (PDP) or a Medicare Advantage Plan with drug coverage (MAPD). Enrollment is optional (though recommended to avoid incurring future penalties) and only allowed during approved enrollment periods. Typically, you should sign up for Part D when you first become eligible to enroll in Medicare.

Whether you should sign up for a Medicare Part D plan depends on your circumstances. You may have creditable drug coverage from employer or retiree insurance. If so, you don’t need to enroll in a PDP until you lose this coverage. Also, some people already enrolled in certain low-income assistance programs may be automatically enrolled in a Medicare drug plan and receive additional financial assistance paying for their medicines.

© Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Trends in Charitable Giving

Trends in Charitable Giving

Some people may want a more advanced gifting strategy that can maximize their gift and generate potential tax benefits.

Can I Refinance My Mortgage?

Can I Refinance My Mortgage?

This calculator can help determine whether it makes sense to refinance your mortgage.

A Meal for All Generations

A Meal for All Generations

When it comes to generational differences, knowing the facts can be difficult.

 

Have A Question About This Topic?







Thank you! Oops!

Prescription Drug Benefits Under Medicare (Part D)

Do you need to enroll in Medicare Part D? Read this article to learn more about whether you need this coverage

Choices for Your 401(k) at a Former Employer

Individuals have three basic choices with the 401(k) account they accrued at a previous employer.

Breaking Down the Parts of Medicare

Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.

View all articles

How Compound Interest Works

Use this calculator to better see the potential impact of compound interest on an asset.

Estimate Your RMD

Help determine the required minimum distribution from an IRA or other qualified retirement plan.

Capital Gains Tax Estimator

Use this calculator to estimate your capital gains tax.

View all calculators

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

View all presentations

Where Is the Market Headed?

We all know the stock market can be unpredictable. We all want to know, “What’s next for the financial markets?”

Forecast

The market is as unpredictable as the weather. We’d love to help you prepare.

Bridging the Confidence Gap

In the world of finance, the effects of the "confidence gap" can be especially apparent.

View all videos