Medicare Part D is the insurance policy that helps pay for prescription drugs. There are many different plans. The plans are administered by private insurance companies, but must be approved by Medicare. We can help you with information about Part D Rx plans.
When you become eligible for Medicare Part B, you are also eligible to enroll in a Part D prescription plan. This is your initial open enrollment period. You have 7 months. Three months before your Part B effective date, the month of your Part B effective date, and three months after your Part B effective date. If you do not enroll in a plan when you are entitled to, and decide to enroll later, your premium may be accessed a penalty. The penalty is 1% per month for every month you were entitled to the Part D but did not have it. And you will have to wait until the Annual Enrollment Period unless you are entitled to a Special Enrollment Period.
You may enroll in these plans when you become eligible for Medicare. You may not make changes in these plans except during the annual enrollment period. The AEP begins on October 15th and ends on December 7th.
If you have other prescription drug coverage that is considered at least as good as Medicare, or "Credible Coverage", you may not be penalized for not enrolling when your Part B begins. If you lose this "Credible Coverage", like a group retirement plan for example, you may be entitled to a Special Enrollment Period. You generally have a 63 day period after you lose your group coverage in which to enroll.
Here are some definitions of terms that might be helpful in understanding Part D:
There are three stages of coverage for Part D Prescription insurance.
Extra assistance to help you with the drug cost is available for people with limited incomes. We can assist you to see if you qualify, or you may call social security at 1-800-772-1213 to see if you qualify. TTY users should call 1-800-325-0778.