Medicare Part D was implemented in 2006 and is the newest Medicare program. Medicare Prescription drug coverage is provided by private insurance companies that have been granted federal approval to participate in Medicare Part D. Recipients often pay a monthly premium, plus copayments and other fees, that are determined by the specific plan as well as the recipient’s state, county, and ZIP code. Although enrolling in Medicare Part D is not required, there are severe and long-lasting consequences for not doing so.
Participants must be enrolled in Original Medicare, the program’s target audience (Parts A and B). Your initial enrollment period is a seven-month term that includes the month of your 65th birthday. Medicare Part D can be added in the fall during the yearly open enrollment period, although doing so after that time may result in a late penalty.