Prescription Drug
Plans (Part D)
Prescription Drug Plans (Part D) help cover the cost of medications and work alongside Original Medicare or certain Medicare Advantage plans.
Find coverage that fits your prescriptions, pharmacy preferences, and budget.
Prescription Drug Plans (PDPs) help cover the cost of medications.
Here’s what to know about Medicare Part D coverage:
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![Pharmacist helping a Medicare beneficiary with prescription medications.]()
Prescription Coverage
Helps cover the cost of prescription medications
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![Couple meeting with a Medicare professional to review coverage options.]()
Medicare Part D Options
Available with Original Medicare or many Medicare Advantage plans
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![Pharmacist reviewing prescription medication and drug coverage.]()
Drug Formulary
Each plan has a list of covered prescription drugs
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![Pharmacist discussing prescription medication with a Medicare beneficiary.]()
Pharmacy Networks
Using preferred pharmacies may help lower your costs
What to Consider When Choosing a Part D Plan
Choosing the right plan depends on your medications, pharmacies, and budget.
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Compare monthly premiums, deductibles, copayments, and overall out-of-pocket costs when reviewing plans.
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Each Part D plan has its own formulary, or list of covered medications. Make sure your prescriptions are included.
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Many plans offer preferred pharmacy networks that may help reduce prescription costs.
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Some medications may require prior authorization, step therapy, or quantity limits before coverage is approved.
When to Enroll in Medicare Part D
Prescription Drug Plans?
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Initial Enrollment Period (IEP) 7-Month Window
This 7-month enrollment period surrounds your 65th birthday. It is your first opportunity to enroll in a Medicare Part D prescription drug plan.
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Annual Enrollment Period (AEP) Oct 15 - Dec 7
Each year, you can review, compare, and change your Medicare Part D prescription drug plan for coverage beginning January 1.
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Medicare Advantage Open Enrollment Period (OEP) Jan 1 - Mar 31
If you're enrolled in a Medicare Advantage plan, you can switch to another Medicare Advantage plan or return to Original Medicare and enroll in a standalone Part D prescription drug plan.
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Special Enrollment Periods (SEPs)
Certain life events, such as moving, losing employer coverage, or qualifying for Extra Help, may allow you to enroll in or change your Part D plan outside of the standard enrollment periods.
Understanding Credible Coverage & Penalties
If you go without credible prescription drug coverage after your Initial Enrollment Period end, you may pay a late enrollment penalty. This penalty is added to your monthly premium for as long as you have Part D coverage. Enroll when you’re first eligible to avoid this additional cost.
Need Help Finding the Right Plan?
Our team is here to help you compare options, understand your medications, and find the best prescription drug coverage for you.
