Part D – Prescription Drug Coverage
There are 2 ways to get Medicare prescription drug coverage:
1. Medicare Prescription Drug Plans. These plans (sometimes called “PDPs”) add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) plans, and Medicare Medical Savings Account (MSA) plans. You must have Part A and / or Part B to join a Medicare Prescription Drug Plan.
2. Medicare Advantage Plans (like HMOs or PPOs) or other Medicare health plans that offer Medicare prescription drug coverage. You get all of your Part A, Part B and prescription drug coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.” Remember you must have Part A and Part B to join a Medicare Advantage Plan, and not all of these plans offer drug coverage.
Important Note: Failing to enroll in Part D coverage when you are first eligible could result in a life long penalty upon enrollment.