Medicare Part D is a standalone prescription drug plan open to people already enrolled in the Medicare program. You can enroll in Part D during various enrollment periods. These include the Initial Enrollment Period, Annual Election Period, and the Special Enrollment Period.
Requirements to Meet
To enroll in Part D, you must be enrolled in Medicare Part A and/or Part B and live within the plan’s service area. Suppose you have a creditable prescription drug coverage plan. In that case, you may hold off enrolling in Part D. A creditable prescription drug coverage is a package that offers coverage that is at least as good as Medicare Part D’s drug coverage.
Best Time to Enroll
Without any question, the best time you can enroll in Part D is during your Initial Enrollment Period. This is when you first become eligible for Medicare as it starts from three months before you turn 65 and ends three months after. Enrolling as soon as you become eligible and already enrolled in Part A and/or Part B will ensure you get your prescription drug coverage as quickly as possible. It will also help you avoid a late enrollment penalty since you did not delay your Part D enrollment.
Making Changes to Coverage
You can also enroll in Part D during the Annual Election Period. This starts on October 15 and ends on December 7 each year. During this period, you can also make changes to your current prescription drug plan. You can enroll in a prescription drug plan, switch drug plans, switch from a Medicare Advantage plan to another one that offers prescription drug coverage, and drop your prescription plan entirely.
You can also take advantage of the Special Enrollment Period. You can qualify for this period for Medicare Part D if:
- You are eligible for the Extra Help program
- You lose your creditable prescription drug coverage
- You move out of your plan’s service area
- You want to switch to a Part D plan that has a 5-star rating
Give Us a Call Today
If you have any questions about enrolling in a Medicare Part D plan to get the prescription drug coverage you need and deserve, give us a call today. We’re here to help you!