Also known as Medicare Prescription Drug insurance, Part D is offered by private health insurance companies such as Providence. If you have Part A and Part B, or if you have a Part C Medicare Advantage Plan, you may choose to purchase a separate Part D prescription plan from a private health insurance provider. Some Medicare Advantage Plans already include Part D prescription coverage. If you have a Medicare Advantage Plan (Part C) that doesn't include prescription coverage and you would like to add a Part D prescription plan, it must be provided by the same health insurance company as your Medicare Advantage Plan.
The prescriptions covered by a Part D plan can vary by health insurance provider, so be sure to review the plan's formulary prior to making a selection. Part D formularies include a list of covered medications and a description of the transition benefit for existing Part D eligible prescriptions.
What it costs
- Monthly premium costs and prescription co-pays will vary by health insurance provider and the plan you choose.