You Can Only Enroll Into a Medicare Part D Drug Plan During Various Specified Enrollment Periods.
The most common period to enroll is when you first become eligible for Medicare at 65 years of age. This is called the Initial enrollment period. You can also change your drug plan every year during the annual enrollment period which always takes place from October 15th to December 7th. The effective date is always January 1st. On January 1st, the calendar year deductible, if there is one, resets. If you do decide to change drug plans, the last plan to be applied for, will be the one that becomes effective.
There’s never a need to call and cancel a drug plan unless you absolutely do not want any drug coverage whatsoever.
If You Do Not Enroll Into a Medicare Part D Drug Plan When You are First Eligible for Medicare, You Will End Up Paying a Late-Enrollment Penalty.
This penalty is 1% per month of the national average cost of a drug plan. Multiply this by the number of months you went without drug coverage. This is then added to your monthly premium and is a penalty that you will have to pay indefinitely.
So, there’s a lot of incentive to sign up for some kind of drug plan (even the lowest cost one) simply to avoid this penalty later on.
There is also extra help to pay for drug plans if you qualify financially. The best way to find out is to visit the Social Security website and search: Low income subsidy for prescription drug plans.
For more information on how Florida Medicare Supplement Insurance can help with your Medicare Part D prescription drug plan needs call Neil Primack (561) 935-3907 or email him at: firstname.lastname@example.org.