What is Medicare Part D Anyway?
Part D is prescription coverage through Medicare, often referred to as PDP’s (Part D Plan or Prescription Drug Plan). The plans are governed by Medicare and run by private insurance companies.
The easiest way to think about a Part D plan, while there are some exceptions, is that this covers anything that you pick up at a pharmacy and administer to yourself. Part B is for the medications that are provided and administered by hospital or doctor’s office.
It’s important to know that Medicare requires you to have a Part D plan. If you do not take a plan out when originally eligible, then you will have lifetime penalties once you do take a plan out.