Medicare Part D Enrollment Periods
Three (3) periods in which an individual can enroll or disenroll:
1. Initial Enrollment Period (IEP)
The period when an individual is first eligible to enroll in a Medicare Part D prescription drug plan. Generally, individuals are eligible to enroll if they are entitled to receive Medicare Part A or enrolled in Medicare Part B, and live in the plan's service area.
Turning 65?
You can join a Medicare prescription drug plan from three (3) months before you turn 65 to three (3) months after you turn 65 (this is your IEP). Generally, if you are disabled, you can join three (3) months before and three (3) months after your 25th month of disability.
2. Annual Enrollment Period (AEP)
The period each year that individuals enrolled in a Medicare Part D prescription drug plan will be allowed to switch plans between Nov. 15 and Dec. 31 to take effect on Jan. 1 of the following year.
3. Special Enrollment Period (SEP)
The period when individuals, in specific circumstances, will be able to change plans outside of the AEP. SEP examples include: change in residence, loss of employer/group coverage, recent approval for low-income subsidy assistance, etc.
What if I don't join when I turn 65?
If you don't join a Medicare prescription drug plan when you are first eligible to join (during your IEP), and there is a period of 63 continuous days or more during which you don't have creditable prescription drug coverage (as good as Medicare is), you may have to pay a late enrollment penalty when you join.
How much is the penalty?
Your penalty is calculated when you first join a Medicare drug plan. To estimate your penalty, take 1% of the national average premium for the year you join. (The 2008 national average premium is $27.93). Multiply it by the number of full months you were eligible to join a Medicare prescription drug plan but didn't. This is your estimated penalty amount, which is added each month to your Medicare prescription drug plan's premium, for as long as you have the plan. If you qualify for extra help, the penalty will be different. For help figuring out how much your penalty will be, call 800-MEDICARE/800-633-4227 (TTY/TTD: 877-486-2048, or call your state health insurance assistance program.
For more information on Medicare prescription drug coverage, download:
Medicare and You 2008.
Reminder: An individual cannot be enrolled in more than one (1) Part D plan at the same time!
