Medicare prescription drug coverage, also known as Medicare Part D covers the cost of most prescription drugs or at least reduces them to affordable costs. Even if you do not currently need any prescription drugs, Medicare Part D is still highly recommended because it may save you on prescription drug costs in the future.
You can obtain Medicare Part D in two different ways. The first way to obtain Medicare Part D is to add a Medicare drug plan to your existing Medicare plan. This existing plan can be Original Medicare, Medicare Cost Plans or even Medicare Savings Account plans.
The only requirement is that you must have some form of Medicare Part A and Medicare Part B coverage in order to be able to add Medicare Part D to your existing Medicare plan.
Keep in mind that you will be given the option to enroll in Medicare Part D when you sign up for other Medicare plans such as Original Medicare.
If you refuse to add Medicare Part D’s prescription drug coverage to your Medicare plan when you enroll initially, you will be charged a late fee if you apply to enroll in it at a later date.
This penalty for enrolling in Medicare Part D late is active at any time throughout the lifespan of your Medicare plans, so there is no way to avoid it unless you include it at the start of your plan.
The second way to obtain Medicare Part D coverage is to enroll in Medicare Advantage or another Medicare plan that already includes prescription drug coverage.
To learn more about more complete Medicare plans such as Medicare advantage, check out the next slide.