Medicare Part D, also called the Medicare prescription drug benefit
If you use Medicare, you can join a health plan that pays for prescription drugs. This type of coverage is called Part D.
You pay a monthly fee, called the premium, to get prescription drug coverage. You still pay the monthly fees for Part B if you have it.
You can also get Part D benefits by joining one of these types of plans:
- A Medicare Advantage (Part C) plan that has a prescription drug benefit
- A Medicare Cost Plan with prescription medicine drug benefits
The premium you pay for one of these plans includes drug coverage.
You need to make the decision to get Part D coverage as soon as you're eligible because if you wait, you may need to pay a late enrollment penalty.