Medicare Part D is part of the Medicare program that offers prescription drug coverage and does not provide any other service apart from prescription drug coverage. If you are interested in adding on Part D, it’s important that you know when to enroll and how to qualify.
To be eligible for Part D, you must be enrolled in Medicare Part A and/or Medicare Part B. You can also join a Medicare Advantage plan that includes prescription drug coverage as an added benefit as long as you qualify for that specific Advantage plan. To be eligible for Medicare Advantage that includes prescription drug coverage, you need to be enrolled in both Part A and Part B, and you must live in the service area of the plan.
When to Enroll in Medicare Part D
You can enroll in Part D during different Medicare enrollment periods, but the best period to do is during your Initial Enrollment Period. This is the first enrollment period that becomes available when you first become eligible for Medicare. It begins three months before your 65th birthday and lasts up until three months after your 65th birthday month.
If you enroll in Part D during your Initial Enrollment Period, your Part D coverage will become active the first day of the following month you registered for the plan. However, enrolling past this period can result in you paying a late enrollment penalty that will be added to the total of your monthly premium and is permanent. If you have a creditable prescription drug plan when you become eligible, you can choose to delay your Part D enrollment. However, if you do not, then you may have to pay the late enrollment penalty if you do not have creditable drug coverage for more than 63 days consecutively.
Annual Enrollment Period
Apart from the Initial Enrollment Period, you can also enroll in Part D during the Annual Enrollment Period. This period starts on October 15 and ends on December 7 every year. You can either use this period to enroll in Part D for the first time, or if you are enrolled in a Medicare Advantage plan, you can switch to another Medicare Advantage plan that provides the prescription drug coverage you need.
Special Enrollment Period
There are certain situations that may also qualify you for a Special Enrollment Period. For example, if you move out of a plan’s service area, or your provider’s contract ends, or you qualify for Extra Help, then you may qualify for a Special Enrollment Period to help you enroll in another Part D plan.
Have Questions About Part D? We Can Help
At Midwest Medigap, we’re here to help you find the coverage you need! If you are interested in learning more about Medicare Part D and when the best time is for you to enroll, give us a call today.
