Medicare Part D Insurance
There are four parts to Medicare:
Medicare Part D
Medicare Part D is a prescription drug plan that helps pay for medications doctors prescribe for treatment. The prescription drug plan is required when you first go on to Medicare or you may pay a Late Enrollment Penalty later. Some Medicare Advantage Plans already have this benefit included. If not, you cannot have a Stand Alone Prescription Drug Plan and a Medicare Advantage plan at the same time. You can add a Stand Alone Prescription Drug Plan to Original Medicare and a Medicare Supplement or Medigap plan. Each prescription drug plan has their own list of medications or formulary. These plans are tier based and vary by carrier.