Explaining Medicare Part D Prescription Drug Coverage

The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 ("The Act") established a fourth part to the Medicare Program, called Part D, to help seniors pay for the high cost of prescription medications. Part D is set to begin January 1, 2006 and is available to anyone who currently has Part A or Part B. The initial enrollment period began November 15, 2005.

Since the enrollment date began on November 15, 2005, and the January 1, 2006 coverage date is fast approaching, we are taking this opportunity to explain the portions of the Act that provide for the Medicare prescription drug benefit, otherwise known as Medicare Part D.

First and foremost, participation in Medicare Part D is voluntary. The income level and assets of potential participants ("beneficiaries," in Medicare parlance) determine the level of prescription assistance they will receive.