When is Open Enrollment for a Medicare Prescription Drug Plan?
Medicare Prescription Drug Plans (or Part D) coverage is from Oct 15th through Dec 7th. During this time ANYONE with Medicare can join, exchange, drop, or switch their Part D coverage.
How many Prescription Drug Plans (PDP) can I enroll in?
It is very important that you understand you are only eligible for one Part D plan at a time. Technically, it is illegal to be enrolled in multiple Part D plans at one time. If you are currently on one Part D plan, and wanting to switch, the switch will take place on January 1st. Your old plan would end Dec 31st, while the new plan would start Jan 1st.
If I don’t like the new Drug Plan, can I change back to the previous Part D Plan?
Yes, but you would have to wait until the PDP open enrollment which is October 15 –December 7.
I don’t take any drugs, do I have to have a Prescription Drug Plan?
No, you do not have to have Part D coverage, HOWEVER, once you do enroll in a Part D coverage you will have a 1% rate increase for every month that you did NOT have Part D coverage. So if you start Medicare at age 65 and go for a complete 12 months without any drug coverage, you would have a 12% penalty built into your premium. For this purpose we advise people to get a PDP just in case!
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