How to Enroll in Medicare Part D

If you are taking the Traditional Medicare path, adding a standalone Part D prescription drug plan is how you protect yourself from the high cost of medications. The supplement decision comes AFTER you choose Traditional Medicare - it's a component of the Traditional path, not an alternative to Advantage. Once you have your foundation set with Parts A and B, and you've secured a Medigap policy to fill the holes, Part D is the final piece of the puzzle.

Enrolling in Medicare Part D isn't something you want to put off. If you miss your window, you could face late enrollment penalties that stick with you for life. Your Initial Enrollment Period for Part D is the same as for Parts A and B: a seven-month window that begins three months before the month you turn 65, includes your birthday month, and ends three months after.

If you are already enrolled in Medicare and want to join, switch, or drop a Part D plan, you can do so during the Annual Enrollment Period, which runs from October 15 to December 7 every year. Any changes you make during this time will take effect on January 1 of the following year. There are also Special Enrollment Periods if you experience certain life events, like moving out of your plan's service area or losing other creditable prescription drug coverage.

When you are ready to enroll, you have a few ways to get it done. You can enroll directly through the insurance carrier, use the Medicare Plan Finder tool, or work with an independent agency. We recommend comparing your options carefully. The plan with the lowest premium isn't always the cheapest overall once you factor in deductibles, copays, and whether your specific medications are covered on the plan's formulary.

You've worked hard for your money, and you shouldn't have to hand it over to the pharmacy just because you picked the wrong plan. We are on your side of the table. We believe in straight answers, no surprises. Your dollars are votes, and you should spend them on a plan that actually covers what you need.

To make sure you are getting the right coverage, you need to look at the plan's formulary - the list of covered drugs. Every plan has a different formulary, and they place drugs into different "tiers." Generally, the lower the tier, the less you pay out of pocket. If your drug is on a higher tier, or not on the formulary at all, you could be on the hook for the full cost.

You also need to check the plan's pharmacy network. Most plans have preferred pharmacies where you will get the lowest available rates. If you go to an out-of-network pharmacy, you will pay more, and in some cases, the plan might not cover the cost at all.

Don't leave your prescription drug coverage to chance. Let us walk you through every option and find the Part D plan that fits your needs and your budget.