What Are Part D Prescription Drug Plans?
Medicare Part D Plans help cover the cost of prescription medications. These plans are offered by private insurance companies approved by Medicare and can be added to your Original Medicare or paired with a Medicare Supplement Plan.
Without a Part D plan, you could face significant out-of-pocket costs for prescriptions — and even a late enrollment penalty if you go without coverage for too long.
At our company, we help you understand what each Part D plan covers, how much it costs, and which option fits your current and future medication needs.
Our Approach to Part D Drug Plans
Prescription coverage can vary widely — from monthly premiums to deductibles to which medications are covered (called the plan’s formulary).
That’s why we:
- Review your current prescriptions to see which plans cover them affordably
- Compare multiple plans across trusted providers
- Explain potential out-of-pocket costs, step therapy, and tiers — in plain English
- Help you avoid plans that don’t fit your needs
If you're located in Naperville, Wheaton, or Lisle, we’ll meet with you in person and walk through everything together.
Why Prescription Drug Plans Matter
Avoid Penalties
Even if you’re not taking medications now, enrolling on time can prevent lifelong late penalties.
Protect Your Budget
The right plan helps manage prescription costs and avoids unpleasant surprises at the pharmacy.
Flexibility to Change
Each year, you can switch during the Annual Enrollment Period (Oct 15–Dec 7) — we help you review options annually.
We help you stay informed and in control, no matter how your health or prescriptions may change over time.
Part D Prescription Drug Plan FAQs
What is the late enrollment penalty for Part D?
If you don’t sign up for a Part D plan when first eligible and go without credible prescription coverage for 63+ days, Medicare may charge a permanent monthly penalty added to your premium.
Can I get a Part D plan if I have a Medicare Supplement Plan?
Yes — and you should.
Medicare Supplement (Medigap) Plans do not include prescription drug coverage, so you’ll need a standalone Part D plan to handle medications.
What’s a formulary, and why does it matter?
A formulary is a list of drugs covered by a Part D plan.
Each plan has its own list — we make sure your current medications are covered affordably and with as few restrictions as possible.
How often can I change my Part D plan?
You can review and change your Part D plan every year during the Annual Enrollment Period from October 15 to December 7.
We help our clients reassess plans yearly — because coverage and prices change often.
What if I take few or no prescriptions now?
Even if you aren’t taking medications, having a low-cost Part D plan helps you avoid penalties and gives you future coverage when you need it.