Medicare Part D Enrollment

What You Need to KnowMedicare Part D is the prescription drug coverage portion of Medicare. It helps beneficiaries pay for both brand-name and generic medications, potentially saving thousands of dollars each year. Here's everything you need to know about enrolling in Part D.

Who Is Eligible for Medicare Part D?

You are eligible to enroll in a Medicare Part D plan if:

• You are enrolled in Medicare Part A and/or Part B
• You live in the service area of a Part D plan
• You are a U.S citizen or a lawful resident

When Can You Enroll in Medicare Part D?

Timing is crucial when it comes to enrolling in Medicare Part D. Missing key deadlines could mean penalties or a gap in coverage.

1. Initial Enrollment Period (IEP)Starts
• Starts 3 months before you turn 65
• Includes the month of your birthday
• Ends 3 months after your birthday month
2. Annual Enrollment Period (AEP)
• Runs from October 15 to December 7 each year
• You can enroll, switch, or drop a Part D plan
• New coverage begins January 1 of the following year
3. Medicare Advantage Open Enrollment Period
• January 1 to March 31 (if you're already in a Medicare Advantage plan)
• Allows you to switch back to Original Medicare and join a Part D plan
4. Special Enrollment Period (SEP)
• For qualifying life events such as moving, losing other drug coverage, or entering/leaving a care facility

Late Enrollment Penalty: Why You Shouldn’t Wait

If you delay enrolling in Medicare Part D without having other creditable drug coverage, you may face a lifetime penalty. This penalty is added to your premium and increases the longer you go without coverage.

How to Enroll in a Medicare Part D Plan

• Compare Plans available in your area at Medicare.gov
• Look at each plan’s formulary, premium, deductible, and pharmacy network
• Enroll online, over the phone, or through an agent

Need Help Choosing the Right Plan?

At The Best Insurance Plans, we’re here to simplify the process. Our licensed agents can help you compare top-rated Medicare Part D plans to find the one that best suits your health and budget needs.