Medicare Part D Prescription Drug Benefit - FAS

Medicare part D Prescription drug Benefit Updated December 18, 2020 Congressional Research Service R40611 Congressional Research Service SUMMARY Medicare part D Prescription drug Benefit The Medicare Prescription drug , Improvement, and Modernization Act of 2003 (MMA; 108-173) established a voluntary, outpatient Prescription drug Benefit under Medicare part D, effective January 1, 2006. Medicare part D provides coverage through private Prescription drug plans (PDPs) that offer only drug coverage, or through Medicare Advantage (MA) Prescription drug (MA-PD) plans that offer coverage as part of broader, managed care plans. Private drug plans participating in part D bear some financial risk, although federal subsidies cover most program costs in an effort to encourage participation and keep benefits affordable.

1 The regulations governing the Part D program are set forth in 42 C .F R Part 423—Voluntary Medicare Prescription Drug Benefit. The Part D program has been amended in a series of laws including the ACA, the QI, TMA, and Abstinence Programs Extension and Hurricane Katrina Unemployment Relief Act of 2005 (P.L. 109-91); the Tax

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