Medicare Part D is Medicare's newest program, covering prescription drugs. This prescription drug coverage is insurance and it is provided by private companies that have been approved by Medicare. Medicare prescription drug coverage is available to everyone with Medicare. This drug coverage may help lower prescription drug costs and help protect against higher costs in the future.
Anyone who resides in the service area and is eligible for Medicare Part A or Part B is entitled to Medicare Prescription Drug Plan, known as Part D, regardless of income (CIGNATURE Rx is available in all 50 states). No physical exams are required. Nobody can be denied for health reasons.
How do I get this coverage?
To take advantage of prescription drug coverage, you will need to enroll in one of the private insurance plans that have been approved by Medicare. Some plans will operate nationwide, others only in certain regions of the country. Wherever you live, you can get drug coverage in one of two ways:
- Stand-alone plans like CIGNATURE Rx that offer only drug coverage. This type would suit people wishing to stay in the traditional Medicare fee-for-service program for their other health care coverage.
- Medicare Advantage plans that cover both medical services and prescription drugs. This type would suit people who prefer managed care.
Medicare Question and Answers
Eligibility, Open Enrollment and Exceptions
Do I need Medicare drug coverage?
If you use few or no drugs now, you may wonder if it's worth signing up. But what about the future? If you sign up now, Medicare coverage will help protect you against high drug costs if and when you need it.
Do I have to sign up?
No, it's voluntary. But if you sign up later than when you were first eligible, you may pay a penalty except in certain circumstances.
Can I wait and sign up later when I need coverage?
Yes, but there may be a financial penalty if you want to enroll later than when you were first eligible. For newly eligible Medicare beneficiaries, the late entry penalty may be assessed if you do not enroll within your intial Medicare eligibility.
Are there any exceptions?
Yes. If you have other drug coverage that is at least as good as Medicare's and you lose it at a future date, you would not pay a late penalty if you then enroll in a Medicare drug plan within 63 days of losing that coverage.
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