How does Medicare Part D coverage work?

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How does Medicare Part D coverage work?
Each Medicare Advantage plan with prescription drug coverage or Part D plan has its own list of covered drugs, called a formulary. Our pharmacy department and doctors decide which drugs to include based on quality, safety, and how well they work. E...
What is the coverage gap?
Medicare prescription drug coverage has three different phases of coverage — initial coverage, the coverage gap, and catastrophic coverage. Initial Coverage During initial coverage, your prescription drug coverage works like health insurance...
What is the Part D late enrollment penalty?
The Part D late enrollment penalty is a an amount added to your Part D monthly premium because you didn't sign up for drug coverage when it was available to you. If you go without a Part D plan or a Medicare Advantage plan with drug coverage for...