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Medicare Part D
Medicare Part D is a federal government program that provides prescription drug coverage to Medicare beneficiaries. It was created by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, and it became effective on January 1, 2006.
Medicare Part D is offered through private insurance companies approved by Medicare. These insurance companies offer a range of prescription drug plans (PDPs) to Medicare beneficiaries. Each plan has its own list of covered drugs, called a formulary, and costs can vary depending on the plan you choose.
Enrolling in Medicare Part D is optional, but if you don't enroll in a plan when you're first eligible, you may have to pay a penalty if you enroll later. To be eligible for Medicare Part D, you must be enrolled in either Medicare Part A or Part B.
Medicare Part D plans typically have a monthly premium, an annual deductible, and co-payments or co-insurance for each prescription. The amount you pay for your medications will depend on the specific plan you choose, as well as the drugs you take and the pharmacy you use.
To enroll in a Medicare Part D plan, you can either sign up during your Initial Enrollment Period (IEP), which is the seven-month period that begins three months before your 65th birthday, or during the Annual Enrollment Period (AEP), which runs from October 15 to December 7 each year.