Medicare - Part D - When To Enroll & More

When to enroll in Part D:

When you become eligible for Medicare, you may sign up for Part D (Prescription drug coverage part of Medicare), as soon as you are enrolled in either Medicare Part A or Part B. Although you do not necessarily have to sign up for Part D if you choose not to, but you may face a late enrollment penalty if you do not sign up when you are first eligible. However, if you have creditable coverage, you can delay signing up for Part D and will not have to pay a late enrollment penalty.

Keep in mind some, but not all, Medicare Advantage plans include Part D combined in with their benefits. With most Medicare Advantage plans you cannot have both a Medicare Advantage plan and a separate stand alone Part D plan. 

You would only choose to enroll in a stand alone Part D plan if you decided to go with original Medicare and a Medicare Supplement plan OR just original Medicare alone.

What is creditable coverage?

It is coverage that on average is as good as or better than the Medicare drug benefit offered through Part D. You should receive notice from your plan or employer every year informing you whether your drug coverage is creditable for Part D. If you do not receive this notice, you should contact your plan or employer’s benefits administrator. 

Creditable coverage can be from:

  • Current employer coverage from you or your spouse
  • Former employer coverage from you or your spouse, such as retiree insurance
  • Federal Employee Health Benefits
  • Military coverage, such as TRICARE for Life (TFL) or Veterans’ Affairs (VA) benefits

Note: If you currently have creditable coverage that you like, you may want to keep it. since if you join a Medicare prescription drug plan, you may lose your creditable drug coverage and be unable to get it back later. Ask your employer or benefits administrator what will happen to your other drug coverage if you join a Part D plan.

For more information on Part D click on the web link below.

Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.

By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.

By calling this number, I understand I will be directed to a licensed insurance sales agent.

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