|Medicare Prescription Drug Coverage (Part D)|
The Medicare Modernization Act, also known as Medicare Part D, went into effect on January 1, 2006 as an option for all Medicare beneficiaries. Medicare prescription drug plans are private insurance plans approved by the federal government that offer Medicare beneficiaries insurance coverage for their drug costs. There are many plans from which to choose, and the challenge is finding the plan that best meets your needs. All plans share the costs of drugs with beneficiaries, and financial assistance is available for those who qualify. Navigating through the many choices and decisions to be made can be complex, but there are many sources of help.
Who Needs a Medicare Prescription Drug Plan?
It is important to enroll on time to avoid the lifetime penalty. The lifetime penalty is a 1% addition to your Part D premium for every month you failed to enroll after you become eligible if you have no other creditable coverage. (Medicare beneficiaries under age 65 who incur this penalty get one chance to have it forgiven when they turn 65 and take advantage of a second Initial Enrollment Period.)
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|Last updated November 26, 2007|