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There are 2 ways to get prescription drug coverage through Medicare, either by a stand alone Drug plan or through a Medicare Advantage plan with drug coverage. To get Part D you must have and/or be eligible for Part A and B. Prescription drug plans cover drug purchased through a retail pharmacy or mail order pharmacy.
Like Part B, there is a penalty for not taking Part D when first eligible. That penalty is 1% per month you go w/o a drug plan until you enroll in one for the average cost of a drug plan (Approx. $35.00 monthly).
**Example not enrolled for 12 months .35 x 12 = $4.20.
Also, the IRMAA applies to Part D as well, get the upcharges here. View IRMAA
All Part D drug plans have to follow rules set by Medicare. RX Plans have to carry 2 drugs minimum in each family of their formulary* for a particular condition. All Part D plan are subject to various "Enrollment Periods" For a list click here. Every drug plan works on a tiered system of pricing there are up to 6 tiers to drug plans available in our area.
Drug Plan Tiers:
Every Drug Plan has 4 "Stages" works on a calendar year.
*It is very important that you do and annual review of your prescription drug plan as the plan can change drugs in and out of a formulary and once December 7th passes you are locked into the plan you are on until next open enrollment (October 7th thru December 7th)
Call Your Medicare Resource Today
“We do not offer every plan available in your area. Currently we represent 7 organizations which offer 54 products in your area. You can always contact MEDICARE.gov, 1-800-MEDICARE or your local state health insurance program for help with plan choices..”