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Medicare Part D – Prescription Coverage -understanding prescription drug plans (PDPs) and Medicare Advantage Prescription Drug Plans (MAPDs)

About 27 million Americans will receive a substantial price break on prescription drug costs through Medicare Part D coverage – either through a prescription drug plan (PDP) or a Medicare Advantage Prescription drug plan (MAPD).

For those enrolled in Original Medicare, the only source of PDPs is through private insurance companies. Since it is illegal for private insurers to pitch Medicare enrollees on specific PDPs, the enrollee must do the homework necessary to locate the most appropriate PDP.

When and how do I enroll in Medicare Part D?

The first opportunity for enrollment is when you're initially eligible for Medicare – during the seven-month period beginning three months before your 65th birthday. If you enrolled in Medicare due to a disability, you may enroll during a six-month window beginning three months prior to your 25th month of disability.

In most cases, your enrollment is limited to an annual enrollment period between October 15 and December 7, with coverage starting January 1 of the following year.

After you've chosen from the various PDP offerings, you can enroll by:

• calling 1-800-MEDICARE to locate PDPs in your area
  
• logging in to Medicare's Prescription Drug Plan Enrollment Center
  
• filling out the paperwork sent by mail from Medicare, or
  
• calling the private insurer with the specific PDP you want to join.
  

Note: You can switch to a new prescription drug plan during the above-mentioned window of time without canceling your old drug plan. The new one automatically supersedes the old one.

Once you apply for Plan D, it generally takes five weeks for your membership card to arrival. During that time, if you need prescription medications, most pharmacies will accept the initial letter you received from Medicare acknowledging your upcoming membership, or an enrollment confirmation number.

Part D - What's the cost for Part D coverage?

The chart below shows your estimated prescription drug plan monthly premium based on your income. If your income is above a certain limit, you will pay an income-related monthly adjustment amount in addition to your plan premium.

If Your Yearly Income in 2014 was                                                                                   You pay
File Individual Tax Return                                 File Joint Tax Return
$85,000 or less                                                  $170,000 or less                                    Your premium plan
above $85,000 up to $107,000                        above $170,000 up to $214,000         $12.70 + Your premium plan
above $107,000 up to $160,000                      above $214,000 up to $320,000         $32.80 + Your premium plan
above $160,000 up to $214,000                      above $320,000 up to $428,000         $52.80 + Your premium plan
above $214,000                                                 above $428,000                                     $72.90 + Your premium plan

2014 Part D National Base Beneficiary Premium - $32.42

This figure is used to estimate the Part D late enrollment penalty and the income-related monthly adjustment amounts listed in the table above. The national base beneficiary premium amount can change each year. See your Medicare & You handbook or visit www.Medicare.gov for more information.For more information about Medicare costs, visit www.Medicare.gov.