Medicare can be a confusing topic with different terminology, some familiar and others unfamiliar. There are discussions of Parts A, B, C, and D, copayments and deductibles, annual election periods, annual notice of charges, and many more. We’ll dive into an overview of Medicare Part D to help explain what it is and how it works.
Medicare Overview
First, a quick overview of “Medicare” and the various “Parts.” Medicare is the federal health insurance program that covers seniors age 65 or older, people with End Stage Renal Disease (ESRD), and some younger people with disabilities. “Original Medicare” includes Part A (Hospital Insurance) and Part B (Medical Insurance). These are provided through the federal government unless you opt into a private plan. You can have one or both of these plans and depending on your income, there may or may not be a monthly premium.
