Medicare Part D Enrollment Periods
There are three (3) periods when you can enroll or disenroll in a Medicare Part D Plan:
1. Turning 65 - Initial Enrollment Period (IEP)
You can join a Medicare prescription drug plan beginning 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 to three (3) months after your 25th month of disability.
2. Annual Enrollment Period (AEP)
The AEP is the period each year that individuals enrolled in a Medicare Part D prescription drug plan may switch plans. This year the enrollment period goes from Oct. 15 and Dec. 7. Enrollments will take effect Jan. 1 of the following year.
3. Special Enrollment Period (SEP)
The SEP is the period when individuals, in specific circumstances, may 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.
You can join a Medicare prescription drug plan beginning 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 to three (3) months after your 25th month of disability. Enroll now.
What if I don't join when I turn 65?
Medicare may require you to pay a late enrollment penalty 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 or more continuous days during which you don't have creditable prescription drug coverage as good as Medicare's prescription drug coverage. If you have questions about late enrollment, please Contact Us.
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 2013 national average premium is $31.17). 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 is different.
For help figuring out how much your penalty will be, call 1-800-MEDICARE/1-800-633-4227 (TTY/TDD: 1-877-486-2048), or call your State Health Insurance Assistance Program.
Click here for more information on Medicare prescription drug coverage.
An individual cannot be enrolled in more than one Part D plan at the same time.
For your Medicare Part D questions and needs, please let us know how we can assist you.