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seniors need prescription drug coverage

When Can I Join a Medicare Advantage Prescription Drug Plan?

When you become eligible for Medicare, you can enroll in Medicare Part A, which covers hospital costs, and Part B, which is medical insurance. However, neither of these plans covers the cost of prescription drugs.

One option for getting coverage for your prescription drugs is by adding Medicare Part D to your overall plan. If you decide to purchase a Medigap policy, you will still be able to add on a standalone Part D plan. However, another option is getting your prescription drug coverage through Medicare Advantage.

Medicare Advantage is a policy that combines the Original Medicare plans while filling the financial gaps in your insurance. Through Medicare Advantage, you can also get vision and dental insurance.

Opportunities to Enroll in Medicare Advantage

Your first opportunity to enroll in Medicare Advantage with a prescription drug plan is during your Initial Enrollment Period (IEP). Your IEP lasts seven months, starting three months before your 65th birthday. In order to get a Medicare Advantage plan, with or without a drug policy, you MUST first be enrolled in Medicare Part A and Part B. This is the same with enrolling in Medicare Part D.

I Missed the Deadline, What Should I Do?

If you miss the deadline to enroll during your IEP, or if you’re looking to change your Medicare Advantage Plan, which can include adding prescription drug coverage, you can do so during the Medicare Annual Enrollment Period, which is October 15-December 7. This period of time allows you to review your current plan, and learn about any upcoming changes to policies that may make you want to tweak your coverage. You should receive information about upcoming policy changes towards the end of September, so be on the lookout for that. Your new plan would go into effect on January 1.

The Medicare Advantage Open Enrollment Period, which takes place at the same time as General Enrollment for new members, January 1-March 31, is another opportunity for you to switch Medicare Advantage plans.

In addition to the above, certain extenuating circumstances, such as losing coverage in your area, can allow you to have a Special Enrollment Period, during which you can enroll in a Medicare Advantage Prescription Drug plan.

Get Your Medicare Advantage Prescription Drug Plan Today!

To decide if a Medicare Advantage Prescription Drug plan is right for you, review all the options available to you, and see what best fits your financial and health care needs. Just give us a call and we’ll help you review your coverage options today!