PART D – Prescription Drug Plan
Medicare Part D covers prescription drugs. It is a prescription drug program for people on Medicare. Medicare Part D is simply insurance for your medication needs. You pay a monthly premium to an insurance company of your choosing for your Part D plan. This way you will not have to pay full price for your medications. You will pay a copay or percentage of the drug's cost when you have a Part D plan. You can purchase a stand alone Part D plan along with your Medicare Supplement plan or if you choose a Medicare Advantage plan, Part D prescription drug coverage is usually included.
Medicare drug coverage (Part D) helps you pay for both brand name and generic drugs. Medicare drug plans are offered by insurance companies, and other private companies approved by Medicare.
Part D plans have a monthly premium. If you don't sign up for Part D when you're first eligible, you may have to pay a Part D late enrollment penalty. If you have a higher income, you might pay more for your Medicare drug coverage. ... This doesn't affect everyone, so most people won't have to pay an extra amount.