Medicare offers prescription drug coverage, or Part D, to everyone with Medicare. To get Part D, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and the drugs covered, and plans can change from year to year. A plan that covers your prescriptions this year might change and not cover them next year.
If you are already enrolled in Part D, it pays to review your coverage every year, which you can do during the Open Enrollment Period.
Why do I need Part D Medicare?
We all want to stay in good health, but no one can predict the future. These plans are insurance that covers the cost of prescription drugs. If you take drugs now or if you do not and your health changes or you need more medicines, this insurance will help pay for your drugs and protect you from very high drug costs.
If you choose not to enroll in Part D, you may face a late penalty, depending on your circumstances, and have to pay higher monthly premiums for the rest of the time you have drug coverage from Medicare.
Many states have low-cost Part D plans that can act as a safety net in case your health situation changes. Consider this if you don’t take prescription drugs now.
Can I simply keep my current drug coverage and not get Medicare Part D?
In some cases, you may be able to keep your current prescription drug plan and not join a Part D plan. This occurs when your current drug plan is considered creditable coverage, meaning it is as good as Medicare Part D.
Creditable coverage information is usually found in the materials provided by the health plan. Keep the document in case you should decide to sign up for Medicare drug coverage in the future.