Medicare Part D, also known as the Medicare prescription drug benefit, is an optional program that helps Medicare beneficiaries pay for prescription drugs. Here are some key points:

• Eligibility: You must have Medicare Part A and/or Part B to join a Medicare Part D plan.
• Coverage: Part D plans cover a wide range of prescription drugs, including both brand-name and generic medications. Each plan has its own list of covered drugs, known as a formulary.
• Enrollment: You can enroll in a Part D plan during your Initial Enrollment Period, which starts three months before you turn 65 and ends three months after the month you turn 65. There are also other enrollment periods, such as the Annual Enrollment Period from October 15 to December 7 each year.
• Costs: Costs for Part D plans vary, including monthly premiums, annual deductibles, and copayments or coinsurance for each prescription. Some plans offer additional coverage during the coverage gap, also known as the “donut hole.”
• Late Enrollment Penalty: If you don’t join a Part D plan when you’re first eligible and don’t have other creditable prescription drug coverage, you may have to pay a late enrollment penalty if you join a plan later.