Medicare Part D: Prescription Drug Plans
Coverage for the medications you need, clarity you can trust. Medicare Part D Plans in Oak Lawn IL
What Is Medicare Part D?
Medicare Part D is optional prescription drug coverage available to anyone enrolled in Medicare. These plans are offered by private insurance companies and help cover the cost of both generic and brand-name medications. Talk to Perrino Insurance Partners for Medicare Part D coverage in Oak Lawn and surrounding suburbs.
How Does It Work?
Each Medicare Part D plan has its own:
- List of covered drugs (formulary)
- Preferred pharmacies
- Monthly premium
- Deductible and copays
Every Medicare Part D plan has its own formulary, which is a list of the prescription drugs it covers and how much you’ll pay for each. Formularies vary from one plan or insurance company to another, even within the same area. At Perrino Insurance Partners, I can help you review your prescriptions, compare available plans in your area, and see which options offer the most cost-effective coverage for your specific medications
What’s Covered?
Drug plans are required to cover a wide range of prescription drugs, including:
- Medications in protected drug classes (e.g., cancer, HIV/AIDS, antidepressants)
- Most vaccines
- Commonly prescribed brand-name and generic drugs
What Are the Costs?
- Monthly premium (varies by plan)
- Annual deductible (up to a set limit)
- Copays or coinsurance
- Possible coverage gap ("donut hole") after reaching plan limits
We’ll help you estimate your costs based on the specific prescriptions you take.
When to Enroll in Part D
You can enroll in Medicare Part D during:
Initial Enrollment Period (when you first become eligible for Medicare)
Annual Enrollment Period (October 15 – December 7)
⚠️ Late Enrollment Penalty: If you delay Part D coverage and don’t have other creditable drug coverage, you may face a permanent monthly penalty.
Need Help Finding the Right Plan?
Choosing a Part D plan isn’t one-size-fits-all. We’ll help you:
- Review your current prescriptions
- Compare local plans and pharmacies
- Avoid hidden costs or late penalties