Prescription Drug Coverage (Part D)

Understand how Medicare Part D works, how to reduce your prescription costs, and what drugs are covered.

Navigating Medicare Part D

Medicare Part D helps cover the cost of prescription drugs, may help lower your prescription drug costs, and protect against higher costs in the future.

How Medicare Part D Works

You can get Part D coverage in two ways: through a standalone Medicare Prescription Drug Plan that works with Original Medicare, or through a Medicare Advantage Plan that includes drug coverage.

What Drugs are Covered?

Each Part D plan has a list of covered drugs called a formulary. Plans place drugs into different "tiers" on their formularies. Drugs in a lower tier will generally cost you less than those in a higher tier.

Understanding the Part D Penalty

If you go without creditable prescription drug coverage for 63 or more days in a row after your Initial Enrollment Period is over, you may owe a late enrollment penalty. This penalty is added to your premium for as long as you have Part D coverage.

Reducing Your Prescription Costs

To lower your costs, check if your plan has preferred pharmacies, ask your doctor about generic alternatives, or see if you qualify for the Extra Help program.

Need Personalized Guidance?

Reading about Medicare is a great first step, but everyone's situation is unique. Speak with a licensed Arkansas Medicare advisor to get personalized answers.