Medicare Part D provides prescription drug coverage. A Medicare Prescription Drug Plan — also referred to as a “Part D Plan” or a “PDP Plan” — has its own list of covered drugs that is referred to as a formulary. To obtain Medicare PDP coverage, you need to join a plan run by an insurance company or other private company approved by Medicare. Each PDP Plan varies in cost and drugs covered. Plan options include:
- Non-Standalone Plans — PDP Plans that are offered as part of Medicare Advantage Plans (Part C Plans).
- Standalone Plans — PDP Plans that are purchased outside of Medicare Advantage Plans, such that a beneficiary who purchases a Standalone PDP will then have Parts A and B (Original Medicare) and Part D (PDP Plan).
For more information on Medicare Advantage Plans, please review “What is Medicare Part C — Medicare Advantage?”