Medicare Part D Prescription Drug plan, often referred to as Part D, is provided by Medicare approved private insurance companies. Any beneficiary who is eligible for Original Medicare, Part A and Part B, and permanently resides in the service area of a Medicare Prescription Drug Plan, can sign up for a stand alone plan. Medicare Part D coverage is optional, but if you don’t enroll in Part D as soon as you’re eligible, you might pay a late enrollment penalty.

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Every Part D Prescription plan has a formulary. This is a list of covered medications and if is covered, it is put under a certain tier. The formulary may change at any time. You will receive notice from your plan.

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When to sign up for Medicare Part D coverage

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You're first eligible to sign up for a Medicare Prescription Drug plan during your Initial Enrollment Period (IEP). Which takes place during your initial enrollment into Medicare. This starts three months before you turn 65, includes your birthday month, and ends three months later.

 

During the Annual Election Period (AEP) This takes place from October 15 to December 7. During this time period:

 

• Enroll in a Medicare Part D Prescription Drug Plan or change from one Prescription Drug Plan to another.

• Disenroll from your Medicare Prescription Drug Plan (if you’re already enrolled in one).

 

If you miss any of the above enrollment periods (IEP & AEP) you might qualify for a Special Election Period (SEP). Some examples of situations that may qualify you for a Special Election Period include, but aren’t limited to, moving outside of your plan’s service area or qualifying for Medicaid. An SEP can take place any time of the year that you have a qualifying situation.