When you’re planning to enroll in a Part D plan, do so during your initial enrollment period or from October 15 to December 7 each year.
Initial Enrollment
Prescription drug coverage is essential to many Medicare beneficiaries. Original Medicare covers only limited outpatient prescription drugs, making the purchase of an additional Medicare Part D plan a necessity to round out your health coverage.
Thankfully, you can enroll in a Medicare Part D prescription drug plan as soon as you are eligible for Medicare benefits. For most people, this means you can first sign up for a Part D plan three months before the month of your 65th birthday. Initial enrollment lasts for seven months. During that time, you can apply for Medicare benefits. Do this by using the official Medicare website, calling Medicare, or scheduling an appointment to visit your local Social Security office.
You then enroll in Medicare Part A and Part B, which make up Original Medicare. Medicare Part D is a separate purchase and comes with its own premiums. Most plans are region-based and will direct you to certain pharmacies in your area. Choosing a Part D plan is as simple as selecting a plan which covers your prescription drugs and is in your price range.
Annual Election Period/Open Enrollment
Another time when you can sign up for a Part D plan is during the Annual Election Period, which is also known as Open Enrollment. From October 15 to December 7 every year, you can add, switch or drop a Medicare Part D plan.
To prepare for the Annual Election Period, compare the formularies of plans in your area. These are the lists of drugs covered by each plan. Make sure the prescriptions you currently are prescribed will be covered under these plans. Once you have your short list of plans, you can compare pricing.
Pricing with Medicare Part D plans is through a tier system. If your prescription drug is generic and preferred by the plan, it will have the lowest copayment, which is what you pay when you fill the prescription at the pharmacy. Brand-name and specialty or non-preferred prescription drugs will be more expensive.
Why Add Medicare Part D?
Prescription drug coverage is a crucial component of any health insurance plan. Unfortunately, Original Medicare is failing in this. Retail prices for pharmaceuticals in the U.S. are incredibly high. You don’t want to be stuck paying these prices out-of-pocket just to maintain your quality of life. Enrolling in a Medicare Part D plan can protect your wallet while you take care of your health.
Looking to enroll in a Medicare Part D plan? Contact Medicare with Jake for assistance in finding the plan with the coverage you need at a price you can afford.
