Choosing a Prescription Drug Plan
Medicare Prescription Drug plans (PDPs) offer coverage through private insurance carriers and help pay for out-of-pocket prescription drug costs. You can see any provider that accepts Medicare. Plans can vary in cost and drugs covered. You can get drug coverage through a stand-alone PDP or a Medicare Advantage Prescription Drug plan (MAPD). Keeping Original Medicare and enrolling in Medicare Supplement Insurance (Medigap) and a PDP is a good option if you would rather pay a higher premium and minimize out-of-pocket expenses.
Having prescription drug coverage is optional, but Original Medicare offers limited prescription drug coverage and doesn't cover most medications you take at home. While coverage is optional, you may be charged a late enrollment penalty if you don't maintain creditable coverage. Visit medicare.gov to learn more about the Part D late enrollment penalty. Note: You can't have both a Medicare Advantage plan and a PDP at the same time.