Final answer:
The Three Phases of a Part D Beneficiary's Coverage Calendar Year are the initial deductible phase, initial coverage phase, and the catastrophic coverage phase, designed to provide comprehensive prescription drug coverage at different spending levels.
Step-by-step explanation:
The Three Phases of a Part D Beneficiary's Coverage Calendar Year consist of the initial deductible phase, the initial coverage phase, and the catastrophic coverage phase.
During the initial deductible phase, beneficiaries pay out-of-pocket for their prescription drugs until they reach the set deductible amount.
In the initial coverage phase, they pay a copayment or coinsurance, and Part D covers the rest up to the coverage limit. Once spending reaches a certain threshold, beneficiaries enter the catastrophic coverage phase, where they are covered at a much higher percentage, ensuring protection from high prescription drug costs.