Medicare Part D

Medicare Part D (Drug Plan)

Medicare Part D (Drug Plan)
Original Medicare (Parts A and B) does not cover prescription drugs. Many people who choose Original Medicare add a prescription drug plan (Part D) or choose a Medicare Advantage plan that includes Part D. Medicare Part D plans are required to cover certain common types of drugs, but each plan may choose which specific drugs it covers.
Medicare Part D Specialist Peoria AZ
Part D Plan Finder Peoria AZ

Each Part D Plan Is Different

This means your:

  • Copays vary
  • Premiums vary
  • Deductibles vary
  • Formularies vary
To find the best plan that suits your needs, we can enter your medications into www.medicare.gov. Medicare will list the plans in order of the least amount of out-of-pocket costs. There is no obligation to enroll in any plan at any time.

What’s the Part D late enrollment penalty?

If you have a period of 63 or more days without Part D or other creditable drug coverage, you may have to pay a late enrollment penalty for as long as you have Part D. The late enrollment penalty is calculated each year by multiplying 1% of the national base beneficiary premium ($32.74 in 2020) by the number of full, uncovered months you were eligible.

Example:

Ms. Martinez’ enrollment period ended on May 31, 2016, and she did not have drug coverage from any other source. She delayed enrollment until the 2018 AEP with an effective date of January 1, 2019.

Ms. Martinez did not have creditable drug coverage from June 2016–December 2018, so she received a penalty for 2019 (31% of $33.19 or $10.30).

In 2020, Medicare recalculated Mrs. Martinez’s penalty using the 2020 base beneficiary premium ($32.74). So, Mrs. Martinez’s new monthly penalty in 2020 is 31% of $32.74 or $10.15 each month. Since the monthly penalty is always rounded to the nearest $0.10, she pays $10.20 each month in addition to her plan’s monthly premium.

What’s the Part D late enrollment penalty

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