Frequently Asked Questions About Medicare Prescription Drug Plans

There’s a lot to know about Medicare Prescription Drug Plans (PDPs), and getting the information you need can help you make more informed decisions about your coverage. Below we answer 7 frequently asked questions about Medicare PDPs and explain how you can apply for a plan online quickly and easily.

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1. What are Medicare Prescription Drug Plans?

Most prescription drugs are not covered by Original Medicare (Medicare Part A and Part B). Medicare Prescription Drug Plans (also known as Medicare Part D plans) are sold by private insurance companies to help Medicare beneficiaries cover the cost of prescription drugs.

2. Who can get a Medicare PDP?

Medicare Prescription Drug Plans are available to people who are enrolled in:

  • Medicare Part A
  • Medicare Part A and Medicare Part B
  • Medicare Part A, Part B and Medicare Supplement Insurance
  • A Medicare Advantage (Medicare Part C) Plan that does not include prescription drug coverage

Note: if you’re enrolled in a Medicare Advantage plan that includes prescription drug coverage, you cannot enroll in a standalone Medicare Part D plan.

3. When can I enroll in a Medicare Prescription Drug Plan?

The best time to enroll in a Medicare Prescription Drug Plan is when you first become eligible for Medicare, which is during your Initial Enrollment Period (IEP).

  • If you are eligible for Medicare because you are turning 65, your IEP begins three months before your 65th birthday, includes your birthday month, and ends three months after your 65th birthday.
  • If you are younger than 65 and are eligible for Medicare because of a disability, your IEP begins three months before your 25th month of receiving Social Security disability benefits, includes your 25th month of disability benefits, and extends three months after.

Failing to enroll in a Medicare Prescription Drug Plan during your IEP could cause your Part D premiums to increase for as long as you have a Part D plan. This increase is known as a Part D late enrollment penalty.

An exception to this is if you have other sources of drug coverage, such as through a current or former employer. This is known as creditable coverage. If you have creditable coverage, you will receive a Notice of Creditable Coverage from your employer, union or other group plan.

Be sure to keep this notice — if you decide to enroll in a Medicare Prescription Drug Plan later, you will not have to pay a late enrollment penalty so long as you have proof of creditable coverage.

4. Can I make changes to my prescription drug coverage?

You are able to make changes to your prescription drug coverage once a year, during the Medicare Fall Open Enrollment Period (OEP).

The Medicare OEP runs from October 15 to December 7 each year. During the Medicare Open Enrollment Period, you can:

  • Join a Medicare PDP to add drug benefits to your Original Medicare coverage. (Remember, if you’re enrolling in a PDP for the first time during the Medicare Open Enrollment Period, you may have to pay a late enrollment penalty).
  • Switch from Original Medicare to a Medicare Advantage plan that includes prescription drug coverage (MA-PD).
  • Switch from one Medicare PDP to another Medicare PDP.
  • Disenroll from a Medicare Prescription Drug Plan.

5. How do I know which drugs are covered?

Every Medicare Part D plan comes with a list of covered drugs, known as a formulary.

All Medicare Prescription Drug Plans must provide access to at least two medications from each therapeutic category and class, but specific formularies can vary from plan to plan.

When shopping for a Medicare Prescription Drug Plan, it may be helpful to have a list of the prescriptions you need to ensure the plans you’re looking at will cover them. Compare PDP plans now to determine if your prescriptions are covered!

6. Why MyRxPlans.com?

We work with some of the country’s most popular prescription drug plan carriers to help Medicare beneficiaries get the coverage they need.1

At MyRxPlans.com, you can compare your Medicare Prescription Drug Plan options side by side, view benefits and costs, find a pharmacy and enroll in a plan!

7. Can I enroll in a Medicare Prescription Drug Plan online?

Yes. In fact, you can apply and enroll for a Medicare Prescription Drug Plan online in as little as 10 minutes.2

Enter your zip code below to get started! From there, you will be able to compare plans and apply for a plan online.

Find a Medicare drug plan that covers your prescriptions.

1-551-237-2745

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