Medicare Part D is called Medicare Prescription Drug Benefit. It is a Federal government program that subsidizes the cost of prescription drugs and their insurance premiums.
Medicare Part D went into effect on January 1, 2006. Participation in Medicare Part D is voluntary, although most beneficiaries choose to enroll. Medicare Part D beneficiaries have a choice of either a stand-alone prescription drug plan (PDP) with a separate premium or a Medicare Advantage plan with an attached drug benefit.
A highly popular program, Part D provides seniors and other Medicare beneficiaries with coverage of a wide range of brand-name and generic prescriptions. Medicare beneficiaries are often obligated to pay co-payments and deductibles for certain drugs, although some medications may require no co-pay at all.
In addition, beneficiaries with high drug expenses may find themselves temporarily in the Medicare coverage gap (also known as the “donut hole”). The Affordable Care Act (ACA) is presently taking steps to eliminate the gap over the next several years.
Information about Medicare Part D is provided on AHIP.org. Get in touch
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