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Prescription Drug Plans (Part D)

To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered.

Each Medicare Prescription Drug Plan has its own list of covered drugs (called a formulary). Medicare drug plans place drugs into different "tiers" on their formularies. Drugs in each tier have a different cost.  A drug in a lower tier will generally cost you less than a drug in a higher tier.

Since a Medicare drug plan can make changes to its formulary, it is imperative to review your coverage yearly.   My clients get an annual review to make sure their plan fits their needs.

If you are not enrolled in a Medicare Prescription Drug Plan (Part D) on its own, through a Medicare Advantage Plan (Part C) (like an HMO or PPO) or other work, VA prescription drug coverage, you'll likely pay a late enrollment penalty.   This penalty is lifetime and can up to a substantial amount.

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