Vermont Retirement Planners, LLC

54 Highland Avenue
Manchester Center, VT 05255
nick@vtretirement.com
(802) 367-3958

87 North Main St.
Rutland, VT 05701
nick@vtretirement.com
(802) 772-7945

Insurance Read Time: 2 min

Prescription Drug Benefits Under Medicare (Part D)

Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is never provided directly by the government (unlike Original Medicare).

If you want to get Part D coverage, you have to choose and enroll in a private Medicare prescription drug plan (PDP) or a Medicare Advantage Plan with drug coverage (MAPD). Enrollment is optional (though recommended to avoid incurring future penalties) and only allowed during approved enrollment periods. Typically, you should sign up for Part D when you first become eligible to enroll in Medicare.

Whether you should sign up for a Medicare Part D plan depends on your circumstances. You may have creditable drug coverage from employer or retiree insurance. If so, you don’t need to enroll in a PDP until you lose this coverage. Also, some people already enrolled in certain low-income assistance programs may be automatically enrolled in a Medicare drug plan and receive additional financial assistance paying for their medicines.

© Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Retirement Traps to Avoid

Retirement Traps to Avoid

Beware of these traps that could upend your retirement.

Will Power

Will Power

Preparing for the eventual distribution of your assets may not sound enticing. But a will puts the power in your hands.

Does Your Credit Score Affect Your Insurance Rates?

Does Your Credit Score Affect Your Insurance Rates?

Your credit score may influence how much you pay for auto and home insurance.

 

Have A Question About This Topic?







Thank you! Oops!

Don’t Let Bad Financial Habits Haunt Your Retirement

When it comes to retirement, some people can quit working and fall immediately into good money habits that they’ve practiced for years.

Financial Fixes: The Hidden Costs of Home Ownership

Six out of 10 millennials regret buying a home because they weren’t prepared for the hidden costs.

Aware of Employment Rights for Workers with Disabilities?

Approximately 20% of U.S. adults have a disability, according to the CDC.

View all articles

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

Paying Off a Credit Card

Enter various payment options and determine how long it may take to pay off a credit card.

Estimate Your RMD

Help determine the required minimum distribution from an IRA or other qualified retirement plan.

View all calculators

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

View all presentations

Retiring the 4% Rule

A portfolio created with your long-term objectives in mind is crucial as you pursue your dream retirement.

The Wild West of Data Theft

Learn about cyber liability insurance in this entertaining video.

Perception vs. Reality

There’s an alarming difference between perception and reality for current and future retirees.

View all videos