How To Enroll In Medicare Part D

More Details On Medicare Part D 

Medicare Part D is optional additional insurance for prescription drugs. Whether you're managing a health condition such as diabetes or high blood pressure with regular prescriptions or you just need the occasional medication, Part D insurance can often save you money. Private insurers offer Medicare Part D, and they tend to have many choices in covered medications and pharmacies. 

Medicare Part D Enrollment Periods 

Initial Enrollment Period

Your first enrollment period for Medicare is called the Initial Enrollment Period (IEP). That's a seven-month window that includes: 

• Three months before you turn 65
  
  
• The month you turn 65
  
  
• Three months after you turn 65

During this time, you can apply for Part D coverage along with Medicare Part A and Part B. If you don’t have creditable prescription drug coverage from another source, such as an employer plan, you should consider enrolling in a stand-alone Prescription Drug (Part D) plan or a Medicare Advantage (Part C) plan that includes Part D as soon as you’re eligible.  If you don’t you may have to pay late enrollment penalties added to your plan’s monthly premium.

Annual Enrollment Period

You still can add Part D coverage after your IEP. You can make changes to your plan, including adding coverage, during the Annual Enrollment Period, which is October 15 to December 7. 

Compare Medicare Part D Plans Before You Enroll 

You have many options for prescription drug coverage, so there are a few things to consider when you're  comparing Medicare Part D plans: 

• Look for plans with generic prescription drug tiers, as generics often cost less than brand-name prescription medicines. 
  
  
• Know how much you will pay in copays and coinsurance; basically, what you pay when you pick up your medicine at the pharmacy. 
  
  
• Know and compare your monthly premiums and annual deductibles. Don't forget to include Medicare Part B premiums and deductibles so you know your complete healthcare expenses.
  
  
• Make sure the plan you select covers the medications you use. All Part D plan providers include a formulary or list of medications covered. 
  
  
• See if your Part D plan includes a pharmacy network. You may pay less by picking up your medications from in-network pharmacies. 

Avoiding The Medicare Part D Penalty

If you don’t sign up for a Part D plan when you’re first eligible, or you’ve gone 63 days or more without creditable drug coverage after your IEP, you’ll pay a monthly late enrollment Medicare Part D penalty while you have Part D coverage. While the fee is typically only a few dollars each month, it can add up over time. 

Prescription Drug Coverage Through A Medicare Advantage Plan 

Another way to receive prescription drug coverage is through a Medicare Advantage prescription drug (MAPD) plan, which combines Part C and Part D. These comprehensive plans are available through Medicare-approved private insurers like Anthem. Many of the plans include prescription drug coverage, plus many other benefits. 

These one-stop-shop plans may include dental care, vision care, hearing care, and wellness and fitness memberships, along with prescription drug coverage. If you have a Medicare Advantage plan that includes prescription drugs (which most do), you don't need a separate Part D plan.