Don't Put Your Medicare Part D Plan on Autopilot

Robert Powell, CFP®

Some 43 million of the 60 million people with Medicare have prescription drug coverage under a Medicare Part D plan, according to a new report published by the Kaiser Family Foundation.

According to that report, most (58%) are covered under a stand-alone prescription drug plan (PDP) but a growing share (42% in 2018) are in Medicare Advantage prescription drug plans (MA-PD), which also provide other Medicare-covered benefits. The report also noted that more than 12 million Part D enrollees receive premium and cost-sharing assistance through the Part D Low-Income Subsidy program.

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