Medicare Part D
Part D is your prescription coverage. If you elect to take a Part C, your prescriptions are often covered with that plan. However, if you’re on Original Medicare and have no other credible prescription coverage, Part D can help lower your out of pocket prescription costs.
Part D Made Simple
- Prescription Drug Plan
- Run by private companies
- You can find plans according to the medications you currently take on Medicare.gov and enroll on that page.
- There is a coverage gap that exists that will be gone by 2020.
- This is called the “donut hole.”
- Happens once you have spent $3310 on covered drugs in 2016 (it was $2960 in 2015).
- During this donut hole, the costs of medications are significantly higher.
- Once you are through the donut hole, you enter “catastrophic coverage” where your costs are much lower again.
- More on the donut hole can be found at Medicare.gov.
Next up–When can I sign up?