KFF October 9, 2024
Medicare Part D is a voluntary outpatient prescription drug benefit for people with Medicare provided through private plans that contract with the federal government. Beneficiaries can choose to enroll in either a stand-alone prescription drug plan (PDP) to supplement traditional Medicare or a Medicare Advantage plan, mainly HMOs and PPOs, that provides all Medicare-covered benefits, including prescription drugs (MA-PD). This brief provides an overview of the Medicare Part D program, plan availability, enrollment, and spending and financing, based on KFF analysis of data from the Centers for Medicare & Medicaid Services (CMS), the Congressional Budget Office (CBO), and other sources. It also provides an overview of changes to the Part D benefit based on provisions in the Inflation Reduction Act....
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