Prescription Drug Plans coverage is an optional benefit. If you have Medicare then you're eligible to get a drug plan. If you decide not to get a Prescritpion Drug Plan when you're first eligible, you likely will pay a late enrollment penalty. There are 2 ways to get coverage.(1) you can purchase a stand alone Prescription Drug Plan or (2) Included in your Medicare Advantage Plan.
If you don't get drug coverage when you're first eligible then you may get accessed a penalty known as a Medicare Part A Late-Enrollment penalty. This penalty will be assessed if you go without coverage for more than 63 days. If you have low income or have benefits from your employer, union, Indian Health Service, Tricare or VA then this penalty might not apply to you.
Each Prescription Drug Plan Has A Formulary. A formulalry is the list of drugs covered by the plan. Not each plan has the same formulary. This is the deciding factor on which plan is right for you. Even if the prescription you are taking is a generic prescription you still want to verify it will be on the new plan you may choose. Medicare calculates the penalty by multiplying 1% of the "national base beneficiary premium" ($33.19 in 2019) times the number of full, uncovered months you didn't have Part D or creditable coverage. The monthly premium is rounded to the nearest $.10 and added to your monthly Part D premium. Source Medicare.gov
Like any other programs you can get extra help with your prescription drug plan from Social Security. This application is called a Low Income Subsidy. What you qualify for will range on your monthly income. We can help you apply or you can direct on the SSI website Apply Here . The income limit also depends on your resources (cash, Real Estate, Life Insurance, Burial Plots and more). There is no cost to apply for a LIS and upon applying you can also apply for the medicare savings program. This is another program that will give assistance to Low income individuals