Lindell G. Douglas, CFP®
Managing Partner

(954) 306-8668

Insurance Read Time: 2 min

Prescription Drug Benefits Under Medicare (Part D)

Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is never provided directly by the government (unlike Original Medicare).

If you want to get Part D coverage, you have to choose and enroll in a private Medicare prescription drug plan (PDP) or a Medicare Advantage Plan with drug coverage (MAPD). Enrollment is optional (though recommended to avoid incurring future penalties) and only allowed during approved enrollment periods. Typically, you should sign up for Part D when you first become eligible to enroll in Medicare.

Whether you should sign up for a Medicare Part D plan depends on your circumstances. You may have creditable drug coverage from employer or retiree insurance. If so, you don’t need to enroll in a PDP until you lose this coverage. Also, some people already enrolled in certain low-income assistance programs may be automatically enrolled in a Medicare drug plan and receive additional financial assistance paying for their medicines.

© 2021 Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.

Share |
 

Related Content

The Other Sure Thing

The Other Sure Thing

Though we don’t like to think about it, all of us will make an exit sometime. Are you prepared?

A Brief Guide To Condo Insurance

A Brief Guide To Condo Insurance

Important items to consider when purchasing condo insurance.

Long-Term-Care Protection Strategies

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

 

Have A Question About This Topic?







Thank you! Oops!

Insurance Needs Assessment: For Empty Nesters and Retirees

Do your insurance needs stay the same when the nest empties?

Understanding Extended Care

Understanding the types of extended care services—and what those services could cost—may be critical.

Dog Bites Neighbor. Now What?

Even dogs have bad days. So, what happens when your dog bites a neighbor or passing pedestrian?

View all articles

Lifetime of Earnings

Estimate how much you have the potential to earn during your working years.

Disability Income

This calculator estimates your chances of becoming disabled and your potential need for disability insurance.

Long-Term-Care Needs

Determine your potential long-term care needs and how long your current assets might last.

View all calculators

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

View all presentations

Stay Safe with a B.O.P. At Your Back

Learn about the advantages of Business Owner Policies with this highly educational and fun animated video.

The Wild West of Data Theft

Learn about cyber liability insurance in this entertaining video.

Extended Care: A Patchwork of Possibilities

What is your plan for health care during retirement?

View all videos