Medicare Part D: Prescription Drug Plans

Compass Health and Wealth can help you find the prescription drug coverage that works for you, to protect your health and your budget.

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What Is Medicare Part D?

Medicare Part D helps cover prescription drug costs. Coverage is available through private insurers as a standalone plan with Original Medicare or as part of many Medicare Advantage plans.



While Part D is optional, going without Part D or other creditable drug coverage may result in a late enrollment penalty.

Choosing a Prescription Drug Plan

Part D plans can vary in cost and the medications they cover. When comparing plans, consider:



  • Costs: Premiums, deductibles, copays, and coinsurance
  • Medications: Make sure your prescriptions are on the plan’s formulary
  • Pharmacies: Check whether your preferred pharmacy is in-network
  • Plan Rules: Look for restrictions such as prior authorization

Enrolling in Part D

You can enroll in or change Part D coverage during certain periods, including:


  • Initial Enrollment: When you first become eligible for Medicare
  • Annual Enrollment: October 15 – December 7
  • Medicare Advantage Open Enrollment: January 1 – March 31 in certain circumstances
  • Special Enrollment Periods: Following certain qualifying events

Creditable Coverage & Late Enrollment

Creditable drug coverage is prescription coverage expected to pay, on average, at least as much as standard Medicare Part D coverage. Employer or union plans, VA benefits, and TRICARE are common examples.



Going 63 days or more without Part D or other creditable drug coverage after becoming eligible may result in a late enrollment penalty if you enroll later.

Part D Frequently Asked Questions

  • Do I need Part D if I don’t take many medications?

    It’s a good idea to enroll when you're first eligible, to avoid future penalties. Even if you don’t take many medications now, a plan with a low premium will offer basic protection in case there’s an unexpected change in your health status.

  • Can I switch Part D plans every year?

    Yes, you can change prescription plans during the Annual Enrollment Period. It’s smart to review your plan annually because drug formularies and costs can change.

  • Where can I find details about my prescription drug plan?

    Create an account on the Medicare website to sign in and securely access your prescription drug plan details.