One of the most important things to consider during your Medicare decision-making process is how to get your prescriptions covered. Luckily, if you need prescription drug coverage (Medicare Part D), it’s easy to add on. You can add Part D to any Medicare plan at just about any time, with a few limitations. Here’s a quick orientation on Medicare Part D:
In a nutshell, Medicare Part D helps cover your prescription drug costs. Plus, you can add it to any combination of Medicare plans:
(*Most Medicare Advantage plans include prescription drug coverage. However, if you end up choosing a plan without it, you can always add Part D.)
Each Part D plan is unique and has its own list of covered drugs. Plus, almost every state has twenty (or more) plans to choose from so there's a good chance you'll find the type of coverage you're looking for.
The best time to enroll in a Part D plan is during your Initial Enrollment Period (IEP) — which starts three months before your 65th birthday, includes the month you turn 65, and ends three months after your birthday. However, to qualify for a Medicare Part D plan, you need to be enrolled in Part A and Part B first.
You can also enroll in a Part D plan anytime after your Initial Enrollment Period but you may have to pay a late enrollment penalty (which can increase the cost of your Part D premium).
The cost you’ll pay for prescription drug coverage varies but the structure is typically the same regardless of plan. Any prescription drugs that are covered by Part D are usually categorized into four different tiers:
Tier 1 is always the least expensive and the price goes up with each tier. And depending on which plan you choose, you may not have to pay an additional premium.