PART D Plans
A PART D plans is an optional prescription drug program for people on Medicare. If an individual does not have credible prescription drug coverage through an employer or other government organization like VA, it is not optional and not enrolling in a PART D plan could cause you to be responsible for a Late Enrollment Penalty when you do enroll later down the road.
Medicare Part D is simply insurance for your medication needs. You pay a monthly premium to an insurance company for your Part D plan. In return, you use the insurance carrier's network of pharmacies to purchase your prescription medications.
Not all plans are the same so it is important to evaluate your needs and match them to a plan that will cover these drugs for you at the lowest annual out of pocket cost.
The process for selecting a prescription drug plan takes place when you have decided whether you will select a Medigap plan or have the PART D benefit included in a Medicare Advantage plan.