Medicare Part D is a program that helps people with Medicare pay for prescription drugs. It is offered through private insurance plans that are approved by Medicare. You can choose a plan that fits your medications and your budget.

• What It Does:
  Part D helps cover the cost of your prescription drugs.
• How It Works:
  You choose a plan from a private insurance company. Each plan has its own list of covered medications (called a formulary), so it’s important to check if your prescriptions are included and covered.
• Costs:
  Most plans have a monthly premium, a deductible, and cost-sharing like copays or coinsurance. Costs can vary from plan to plan.
• Coverage Stages:
  Drug coverage is divided into phases—starting with a deductible, followed by initial coverage, and then catastrophic coverage. Your out-of-pocket costs will change depending on which stage you’re in.
• When to Enroll:
  You can sign up for a Part D plan when you first become eligible for Medicare, during the Annual Election Period (October 15 – December 7), or during a Special Enrollment Period if you qualify.
• Late Enrollment Penalty:
  If you don’t sign up when you’re first eligible and you don’t have other creditable drug coverage; you may have to pay a penalty later.
• Extra Help is Available:
  If you have limited income and resources, you may qualify for Extra Help – a program that lowers your prescription drug costs. You can apply through the Social Security Administration.