Choosing Medicare Prescription Drug Coverage or for the First Time

Like other insurance, Medicare prescription drug coverage will be there when you need it to help you with drug costs. Even if you don’t take a lot of prescription drugs now, you still should consider joining a Medicare drug plan. As we age, most people need prescription drugs to stay healthy.

Are you:

• new to Medicare, or
• have you lost creditable prescription drug coverage (coverage expected to pay at least as much as standard Medicare prescription drug coverage, like that provided by some employer or union plans) within the last 63 days?
  

If so, joining now means you will pay your lowest possible monthly premium. Every year (from November 15—December 31), you can switch to a different Medicare drug plan if your needs change. You can join a Medicare drug plan from three months before you turn 65 to three months after you turn 65 (called your Initial Enrollment Period). Generally, if you are disabled, you can join three months before and three months after your 25th month of disability. The plan will notify you when your coverage begins.

Important: If you don’t join a Medicare drug plan when you are first eligible to join (during your Initial Enrollment period), and there is a period of 63 continuous days or more during which you don’t have creditable prescription drug coverage, you may have to pay a late enrollment penalty when you do join. This amount changes every year. You will have to pay a penalty as long as you have Medicare prescription drug coverage.