Medicare prescription drug coverage options
Get the prescription drug coverage you need
Prescription drugs are a vital need for many Medicare beneficiaries. But they're not covered by Original Medicare.
To get coverage for prescription drugs, you have two options:
Please note that Part D does have costs associated with it, which you would be responsible for paying.
Watch out for penalties
If you have Medicare but not Medicare prescription drug coverage, you could be fined a late enrollment penalty after your initial enrollment period ends.
The late enrollment penalty is calculated by multiplying 1% of the national base premium ($32.74 in 2020) by the number of full, uncovered months you didn't have Part D or creditable coverage. The monthly premium is rounded to the nearest $0.10 and added to your monthly Part D plan premium.
It's important to know that the national base premium may increase each year, so your penalty amount may also increase.
You'll have to pay this penalty as long as you have a Medicare drug plan.