Medicare Part D is your prescription drug coverage, and there is only one time of year when you can change plans. That time is the Annual Enrollment Period (AEP), which lasts from October 15-December 7 each year.
Reviewing your drug plan during AEP is extremely important, because drug plans are not standardized. This means that your plan will likely make changes to the following:
- Monthly premium
- Deductible and coinsurance
- Pharmacy networks
- Drug formularies and drug tiers
By reviewing your drug plan every year, our Medicare Allies team can make sure that you're not overpaying for your prescription drug coverage.
You can check the available drug plans in your zip code using Medicare's Plan Finder Tool. We've even prepared a handy tutorial for you to walk you through the steps.
For when you need a second opinion or additional health coverage, contact our team! We can make sure you have the best plan – no unwanted surprises or bills in the middle of the year!
Part D FAQs
What's the best Part D drug plan?
The best Medicare drug plans are going to vary by zip code. There are over 42,000 zip codes in the United States, which makes it difficult for us to make a blanket statement about the best drug plan on the market.
In addition, the types of prescriptions you take are going to have a massive influence on the overall cost of your prescriptions for the year.
For example, a random sample comparison that we did showed the cheapest plan being $174 and the most expensive plan being $1,567. That’s a huge difference, and that’s exactly why it pays to price shop!
What is the Medicare Part D penalty?
If you’re eligible for Medicare Part D, but you choose not to sign up for it, you start getting penalized. The longer you go without Part D drug coverage, the more expensive that coverage will be later on.
For each month that you don’t have prescription drug coverage, you’re penalized 1% of that national base beneficiary premium. The final sum is then added on to your monthly Part D premium. Contact us to find out if you need to sign up for Part D to avoid being penalized.
How do I avoid the Part D penalty?
In order to avoid the Medicare Part D penalty, don’t go without creditable drug coverage. That means you want to join a Part D plan when you're first eligible or avoid going over 60 days without a drug plan.
If you’re unsure about whether you will end up owing a penalty, you can contact us at any time.
How do I know if my Part D enrollment went through?
You can check on your Medicare Part D Drug Plan enrollment at any time using the Medicare.gov website. If you need any additional help, contact our team. We’re more than happy to assist you.