Medicare Part D is a prescription drug program that can help Medicare beneficiaries offset the high cost of prescription drugs. To enroll in Medicare Part D, you must be enrolled in both Medicare Part A and/or Part B. Medicare Part D is administered through private insurance companies. Each offers different copayments and deductibles for each prescription.

While Medicare Part D is voluntary, delaying Medicare Part D coverage could result in hundreds of dollars in possible penalties each year. After you enroll, be sure to review your insurance coverage each year as some plans change their benefits. Plans may stop covering a certain drug or adversely increase copayments for a prescription that had been covered. If you don’t monitor your plan, you could get stuck with a plan that has raised copayments on the prescriptions you take or stopped covering them entirely.

When To Enroll in Medicare Part D

Medicare enrollees have two primary opportunities to enroll in Part D:

  • Initial Election Period which is three months before you turn 65, the month you turn 65, or three months after your 65th birthday.
  • The annual election period runs from Oct.15 until Dec. 7. During this window, all Medicare beneficiaries can elect a new Part D provider.

Special Election Periods

Medicare Part D also allows special enrollments for Medicare beneficiaries which might include:

  • Moving outside your current plan’s service area
  • Quitting a job that provided coverage
  • Qualifying for extra help with social security

Contact our insurance advisers at Patrick Crowder Insurance and we will help you understand if you qualify for a special election.