What is Medicare Part D Prescription Drug Coverage?
Medicare Part D prescription drug coverage is insurance that:
- helps to pay for prescription drugs at pharmacies
- provides coverage to help offset the cost of prescription drugs
- helps to pay for unexpected prescription drug costs
As a federal program, Medicare Part D was enacted as a part of the Medicare Modernization Act of 2003. It officially went into effect on January 1, 2006.
Medicare Part D is available as stand-alone coverage (also called Prescription Drug Plan or PDP), or as a prescription drug benefit added to a Medicare Advantage plan (MA-PD).
Medicare Part D prescription drug coverage is only available through private insurance companies that are approved by Medicare. SilverScript is a provider of stand-alone prescription drug coverage. Beneficiaries can choose the drug plan they want and pay a monthly premium.
Return to the Medicare FAQ section to view more answers to other commonly asked questions about prescription drug coverage.