You can sign up for Part D as soon as you sign up for Medicare. The best time to make changes once you have coverage is during Open Enrollment in the fall.
Sign Up for Medicare Part D Prescription Drug Coverage
Your first opportunity to sign up for a Medicare Part D plan is during your Initial Enrollment. Initial Enrollment comes for most Medicare beneficiaries when they turn 65. Three months before the month of your 65th birthday, you can start to apply for Medicare. Your enrollment window stretches through the third month after your birthday.
During Initial Enrollment, you can sign up for Medicare Part A and Part B, add a Part D plan, add a Medicare Supplement policy, or join a Medicare Advantage plan. If you missed your Initial Enrollment period, you can sign up for Medicare coverage during General Enrollment, which spans from January 1 through March 31 each year.
Some people qualify for Special Enrollment periods which give them a non-standard window to apply. You might use a special enrollment sign-up period if you continued to work after you turned 65 and still had health coverage through your employer.
To Join a Part D Plan
Once you are enrolled in Medicare, you can join a Part D plan with coverage in your area.
You may have to pay the Part D late enrollment penalty if you join a drug program after a significant gap in creditable drug coverage. Medicare multiplies 1% of the national base premium with the number of full months you went without drug coverage. After rounding that number to the nearest $0.10, they add that penalty to your monthly premiums, for as long as you hold Part D coverage.
Make Changes to Your Part D Coverage During Open Enrollment
You might not have known that you wanted or needed Part D coverage when you first signed up for Medicare. In that case, your next opportunity to join a Part D plan is during Open Enrollment, which runs from October 15 to December 7 each year.
During Open Enrollment, you can join a Medicare Advantage plan or Medicare Part D plan, switch from one plan to another plan, or drop your Medicare plan and return to Original Medicare.
When Can You Not Join, Switch or Drop Part D?
The Medicare Advantage Open Enrollment period is another enrollment window made specifically for people who have a Medicare Advantage plan. Many Medicare Advantage plans come with prescription drug coverage. If someone is dissatisfied with their Medicare Advantage plan, they can switch to a different Medicare Advantage plan with or without drug coverage during this time. They could also choose to drop their Medicare Advantage plan, return to Original Medicare, and add a Medicare Part D plan.
If you do not have Medicare Advantage, you cannot make changes to your Part D plan during the Medicare Advantage Open Enrollment period.
Are you looking for more answers about Medicare enrollment? Speak with an agent at Magellan Healthcare to feel confident that you are prepared.
