Medicare Part D is stand-alone insurance that supplements Original Medicare. Part D covers outpatient prescription drugs. Coverage is provided by private insurers who follow standards set by Medicare.

Medicare drug coverage is purely voluntary for most people. You do not have to sign up for it. However, your health history has likely brought home to you how expensive drugs can be. In addition to your current needs, there is no telling what the future may bring. Unless you already have equivalent drug coverage, consider Medicare drug coverage. Medicare even provides financial incentive to encourage you not to wait to sign up.

If you already have drug coverage equivalent to Part D, you do not need Medicare Part D. Still, it's worthwhile to check once a year to see which is best for you.

While all Part D plans must have a minimum benefit, plans differ as to what benefits they offer and at what costs. Most plans have a so-called "doughnut hole" during which you pay 100%of the cost of your drugs. In 2012, the manufacturers' discount on brand-name drugs in the doughnut hole is 50%. Under Health Reform 2010, the cost will gradually be reduced until the share of the cost of drugs you pay is gradually reduced to 25%. For more information, see Health Reform 2010.)

All plans have "catastrophic coverage" above which you pay close to nothing.

All plans also contain their own list of covered drugs (a Formulary). Drugs not on the list are only covered if a Plan agrees with your request for the drug.

Prescriptions must be filled in a pharmacy that is in your plan's network (with a few exceptions.) Plans must offer pharmacies within a reasonable distance from your home. Many plans also permit mail-order purchases.

You can still save money by filling prescriptions on a 90 day basis.

Financial assistance to pay Part D costs is available.

Medicare drug coverage is available to everyone who has Medicare Part A and/or Part B regardless of health or income.

There are tips for maximizing use of Medicare Part D.

Drug coverage is also available through Medicare Advantage Plans which cover both health care and prescription drugs.

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