Medicare Prescription Drug Plan: How to Understand It and Enroll

How to review your Medicare Prescription Drug Plan options
Once you decide that you want to sign up for the Medicare Prescription Drug Plan, think about the questions that matter most to you. There are a range of plan options available, so you can focus on the kind of coverage you prefer.
There are two ways to get Medicare Prescription Drug Plan coverage:
You can add drug coverage to the traditional Medicare plan through a “stand alone” prescription drug plan.
Or you can add drug coverage and the rest of your Medicare coverage through a Medicare Advantage plan, like an HMO or PPO, that typically provides more benefits at a significantly lower cost through a network of doctors and hospitals.
No matter where you get your Medicare Prescription Drug Plan, you can choose a plan that reflects what you want in terms of the "three C’s":
Cost: What you pay for the Medicare Prescription Drug Plan coverage, including premiums, deductible, and payments for your drugs.

Coverage: What benefits are provided (like coverage in the “coverage gap” and other coverage enhancements), which drugs are covered and the rules (like prior authorization) for getting those drugs.
Convenience: Which pharmacies are part of that Medicare Prescription Drug Plan, and whether the plan has a mail-order option.