Medicare prescription drug open enrollment, for those with traditional Medicare, will begin on October 15th and will end December 7th. Medicare beneficiaries can purchase this voluntary insurance (Part D) to help cover prescription drug costs. When applying, you will need your Medicare number, which can be found on the left hand side (circled) of your card as shown below. Click here to be directed to the Medicare Plan Finder. Below is the information you will need to complete the plan finder.
- Zip Code
- Medicare number
- Last Name
- Effective date for Part A
- Date of Birth
- Information on medication you are taking
- A pharmacy of your preference
Who is eligible to enroll in Part D?
Regardless of income or health, any senior who has Part A or Part B of Medicare can apply.
What drugs will Part D cover?
All plans must cover at least two drugs from each therapeutic class of drugs, antidepressants, antipsychotics, anticonvulsants, antiretrovirals, anticancer drugs, immunosuppressants, and biological products.
Do I really need Part D coverage?
Most people who enroll in Part D will see significant savings as a result, but only depending on which medications they take. If you currently have drug coverage under another plan, such as a retiree plan, union, employer based insurance, or Medicare Advantage, you should carefully consider if Part D is right for you. If you currently have prescription drug coverage, do not drop your coverage without talking to your benefits administrator, insurer, or plan to see how your coverage works compared to Medicare.
What is the late enrollment penalty?
If you do not have prescription drug coverage that is as good as Medicare's, you will pay a penalty for not enrolling when you are first eligible for coverage at age 65, or within 63 days of losing your comparable coverage. Delaying enrollment can be very costly considering that the penalty is one percent of the "national base beneficiary premium". For each month you have delayed enrollment, you will pay this amount every month you remain in the program.
Sample Medicare Card
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