These Plans are offered by private insurance companies who are contracted with Medicare You have to be enrolled in Part A and Part B to join a Medicare Advantage plan These plans bundle the coverage into a single plan and include Part A and Part B, and most of these plans include Part D which is prescription drug coverage The plan may include extra benefits like dental, vision, hearing and gym memberships These plans are typically a Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Private Fee-for-Service (PFFS), Medical Savings Account (MSA), or HMO-Point-of-Service (HMO-POS), and generally offer the most affordable options Focus on in-network care and requires referrals for specialist visits The Costs and coverage vary by plan Plan availability varies by location and not all insurers offer plans in every area

It helps pay for medications you get at the pharmacy, whether for managing chronic conditions or just an occasional antibiotic You can get either a stand-alone part D plan if you have original Medicare or a Medicare Advantage plan that includes drug coverage Each plan has a list of covered drugs called a formulary organized into tiers Lower tier drugs like generics cost less, while brand name or specialty drugs cost more Part D consists of a monthly premium, a deductible, and copays or coinsurance It's important to enroll when first eligible to avoid a late enrollment penalty