Key Takeaways
- Part D helps cover the cost of prescription medications.
- Plans and formularies vary and change yearly.
- Delaying enrollment can create a permanent penalty.
Medicare Part D is the prescription drug benefit, sold through private insurance companies approved by Medicare. Each plan covers a different list of drugs at different prices.
Because formularies and costs change every year, reviewing your Part D plan each fall helps keep your medications affordable. Skipping Part D when first eligible can lead to a lasting late-enrollment penalty.