Choosing a Prescription Drug Plan
Medicare Prescription Drug plans (PDPs) offer coverage through private insurance carriers and help pay for out-of-pocket prescription drug costs. You can see any provider that accepts Medicare, but you may pay different costs depending on whether your pharmacy is in-network or not. Plans can vary in cost and drugs covered.
You can get drug coverage through a stand-alone PDP or a Medicare Advantage Prescription Drug plan (MAPD). Keeping Original Medicare and enrolling in Medicare Supplement Insurance (Medigap) and a PDP is a good option if you prefer to pay a higher premium and minimize out-of-pocket expenses.
Having prescription drug coverage is optional, but Original Medicare offers limited prescription drug coverage and doesn't cover most medications taken at home. While coverage is optional, you may be charged a late enrollment penalty if you don't maintain creditable coverage. Creditable coverage is prescription drug coverage that's expected to pay, on average, at least as much as Medicare drug coverage. Your current plan can tell you if your prescription drug coverage is creditable.
Note: Even if you currently take few medications or have low out-of-pocket costs, consider getting a drug plan with a low monthly premium. Doing so can help you avoid paying the late enrollment penalty. All Medicare drug plans must cover a broad selection of commonly used prescriptions. Visit medicare.gov to learn more about the Part D late enrollment penalty.
Note: You can't have both a Medicare Advantage plan and a PDP at the same time.
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