Medicare Prescription Drug Plans

Everyone with Medicare can get prescription drug coverage. This includes people who are 65 years or older and who are US citizens or permanent residents, and people under 65 with certain disabilities.

After you join a Medicare drug plan, the plan provider will mail you membership materials, including a card to use when you get your prescriptions filled. When you use the card, you may have to pay a copayment, coinsurance and/or deductible if any are charged by the plan. Joining a Medicare drug plan when you are first eligible means you won’t have to pay a late-enrollment penalty. From October 15th through December 7th each year, you may switch to a different Medicare drug plan if your plan coverage changes or your needs change. When you join or switch to a new Medicare drug plan, your coverage will generally begin on January 1st of the next year.

When you first become eligible for Medicare (3 months before you turn age 65 to 3 months after the month you turn 65) From October 15th – December 7th of each year. Your coverage will begin on January 1st of the next year

If you don’t join a Medicare Drug plan when you are first eligible for Medicare Part A and/or B and you go without creditable prescription drug coverage for 63 continuous days or more, you may have to pay a late-enrollment penalty to join a plan at a later date. This penalty amount changes every year, and you will have to pay it as long as you have Medicare prescription drug coverage. What if you get prescription drug coverage from TRICARE, The VA or Federal Employee Health Benefits Program? Most people keep their TRICARE, VA, or FEHBP prescription drug coverage as long as they still qualify

Contact your benefits administrator or your insurer for information about your benefits before making any changes. In most cases, it will be to your advantage to keep your current coverage. However, in some cases, adding Medicare pdp coverage can provide you with extra coverage and savings.