Medicare Part D offers prescription drug coverage and is necessary for millions of Medicare beneficiaries. If you want the benefits of a Part D plan, here’s what you need to know about enrollment.
3 Opportunities to Enroll
There are several different times when an individual can enroll in Medicare Part D, but not every opportunity is equal:
- Initial Enrollment Period (IEP): The IEP is a seven-month period that begins three months before the individual’s 65th birthday. During this time, individuals can enroll in Medicare Part D for the first time. This is the best time to enroll in Part D.
- Annual Enrollment Period (AEP): The AEP allows individuals to review and make changes to their Medicare coverage, including enrolling in or switching Medicare Part D plans. This is another great option for individuals who are already enrolled in Medicare but don’t have a Part D plan. AEP runs from October 15th to December 7th each year.
Just be aware that if you don’t enroll when you’re first eligible, you may be subject to late fees. This penalty is calculated based on the length of time the individual went without creditable coverage and is added to their monthly premium.
- Special Enrollment Period (SEP): A SEP is when an individual can enroll in or switch Medicare Part D plans outside of the IEP or AEP. A SEP may be granted for certain situations, such as moving to a new location, losing employer-sponsored insurance, or experiencing a change in income. It’s only available in specific scenarios, but you will not face late enrollment fees if you qualify to enroll under a SEP.
How To Enroll
Individuals can visit the Medicare website to enroll in Medicare Part D or call Medicare at 1-800-MEDICARE. They will need to provide their Medicare number and personal information, such as their name, address, and date of birth.
Not every Part D plan is the same. When looking at different options, you’ll notice that every plan covers different medications. Review the list of covered medications and compare plan costs and benefits before deciding. Several Medicare Part D plans are available, so choosing the one that best fits your needs and budget is important.
Medicare Enrollment is Better Here
Having an expert by your side can guide you to your best future. To navigate Medicare Part D confidently, call (918) 902-2304 today.