2022 Lycoming Tioga MA Kit

The four parts of Medicare Part D—Prescription drug coverage Part D covers: Brand-name, generic, and specialty medications. Each plan has a list of drugs it covers, known as a formulary. You pay: The monthly premium for your Medicare Advantage Plan, which includes Part D coverage or your standalone Part D plan (if applicable). You also pay out-of-pocket costs such as copays, deductibles, and coinsurance included with the plan you choose. Part D penalty (late enrollment penalty): You may have an amount added to your Part D monthly premium if for any period of 63 days or more after your initial enrollment period is over, you go without prescription drug coverage. Each drug on our Part D formulary belongs to a tier, which determines how much you will pay. As your spending during the year increases, you move through the stages of Part D coverage. Medicare Basics 5