Medicare Part D Enrollment Periods
Medicare Advantage HMO-POS Plans
To receive Medicare drug coverage through Part D, you need to enroll in a Medicare-approved plan that provides drug coverage. There are different types of plans and providers, and each plan can differ in cost and the medications covered. It’s important to be aware of the three enrollment periods for Part D to avoid late enrollment penalties and get the best coverage.
The three enrollment periods for Part D are:
- Initial Enrollment Period
- Special Enrollment Period
- Annual Enrollment Period
Part D Enrollment Penalty
The Part D late enrollment penalty is a permanent addition to the monthly premium of your Medicare drug coverage. If you go 63 or more consecutive days without Medicare drug coverage or other creditable prescription drug coverage after your Initial Enrollment Period, you may be subject to paying the penalty. The penalty must be paid for as long as you have Medicare drug coverage.
The amount of the late enrollment penalty depends on the length of time you went without Part D or creditable prescription drug coverage. Medicare calculates the penalty by multiplying the number of full, uncovered months you didn’t have Part D or creditable coverage with 1% of the “national base beneficiary premium,” which is $32.74 for 2023.
Part D Initial Enrollment Period
The Initial Enrollment Period (IEP) is unique to each individual. The IEP begins three months prior to an individual’s 65th birthday and ends three months after their birthday. This is the first opportunity for a Medicare beneficiary to purchase a Part D plan.
Part D Special Enrollment Period
Special Enrollment Periods are for individuals who have a qualifying event that allows them to either submit their first enrollment or change a current enrollment.
An event that would allow an individual to qualify for a SEP and change their Part D plan could be one of the following:
- Losing current health insurance coverage
- Moving to a new plan area or state
- Getting married or divorced
- Having a child
- Adopting a child
The SEP usually lasts for either 60 days before the qualifying event or 60 days after the qualifying event.
Of course, an individual must first meet all the requirements to enroll in a Part D plan initially. Speak with one of our knowledgeable agents if you think you may qualify for a SEP and wish to change your current coverage.
Part D Annual Enrollment Period
The Annual Enrollment Period happens each fall from October 15 through December 7. During this time, Medicare beneficiaries enrolled in a Part D plan can choose to enroll in a different plan for the upcoming year. This is a crucial time of year for Part c and Part D enrollment.
The Annual Notice of Change (ANOC) is sent out to all Part D members every year at the end of September. The ANOC will notify the member of any upcoming changes to their Part D plan. Changes may include changes to the premium, deductible, and overall coverage. Changes to the plan will go into effect on January 1 of the upcoming year. Unless the member chooses a new plan, their coverage will continue under the same plan with the new changes.
Any changes that are made will go into effect on January 1 of the new year.
Get Help with Medicare Part D Enrollment
When it comes to selecting a Part D plan, there are numerous factors to take into account. Nevertheless, you don’t have to go through the decision-making process by yourself! Our representatives can assist you in comparing plans from multiple providers to locate the most advantageous plan for the best price.
After you’ve chosen a plan, enrollment is a straightforward process. We will handle all the paperwork, you’ll select how you want to pay your premium, and we’ll submit the application on your behalf. Keep in mind that we’ll need to review your coverage on a yearly basis since plans may alter their coverage options.
Get More Information About Medicare Costs
Medicare costs can vary from year to year, so it’s important for beneficiaries to stay informed about how these costs are calculated. That way, they can ensure they’re getting the best deal possible. It’s also a good idea to have your coverage reviewed annually to make sure you’re still getting the best coverage at the best price. Our licensed agents can help with this by reviewing your plans and ensuring you have the right coverage for your needs.