Medicare Prescription Plans (Part D) are offered by private insurance companies and help you pay for your prescription drugs. Each plan differs by cost (monthly premium, deductibles, and co-pays) and the list of drugs (formularies) that they cover.

It is important to compare plans and select a plan that includes a formulary that has all of your drugs listed. This is when consulting with an agent could be beneficial. They can help you select a plan that compares premiums, and verifies that your drugs are listed on the plan’s formulary.

You can get prescription coverage one of two ways: select a stand-alone Part D plan, or select a Medicare Advantage plan that includes prescription coverage. Everyone who has Medicare is eligible for prescription coverage.

You can enroll in a Part D plan when you are first eligible for Medicare (3 months before you turn 65 and 3 months after you turn 65).

If you are eligible for Medicare due to a qualifying disability, you can enroll 3 months before to three months after your 25th month of receiving disability payments.

If you don’t join a Part D plan during your initial enrollment period, the next time you are eligible to enroll is during the annual enrollment period October 15th – December 7th with an effective date of January 1st the following year. If you don’t enroll in a Part D plan when you enroll in Medicare, you may have to pay a penalty if you decide later to add a plan.