Medicare Part D plans are Medicare drug plans offered by private insurance companies. The plans can be offered on a stand along basis or as part of a Medicare Advantage offering. Multiple insurance companies offer various part D plans that range in monthly premiums from as little as $12 a month to $140 a month in Connecticut. Benefits (copays for drugs) also range greatly.
Many people incorrectly think that there is a Part D plan offered by the Government or Medicare. Medicare only established the guidelines of what the base part D benefit and premium should be. They do not have an actual Medicare Part D plan that a consumer can enroll in. This must be done with a private insurance company.
Members are eligible to enroll in a Part D Rx plan when they turn 65 or first become eligible for Medicare. They may also add, drop or make a change to an Rx plan every January during the Medicare Annual Election Period.
