Information to know before Medicare Part D Enrollment

Preparing to Enroll in Medicare Part D

Are you preparing to enroll in Medicare Part D? Not only should you consider your proper Medicare Part D Enrollment period, you should also consider the following factors that may influence your enrollment.

What is Creditable Coverage?

Creditable coverage is a term Medicare uses to define prescription drug coverage that is at least as good as Medicare's standard prescription drug coverage. Examples of creditable prescription drug coverage include:

  • Coverage offered by an employer, former employer or union
  • Federal Employee Health Benefits Program coverage
  • State Pharmaceutical Assistance Program (SPAP) coverage
  • Coverage by the Veterans Administration

What is the Medicare Part D Late Enrollment Penalty?

You may pay a Part D Late Enrollment Penalty assessed by Medicare, if all of the following are true:

  • You went 63 consecutive days or more without prescription drug coverage
  • The uncovered 63-day period occurred after the end of your Initial Enrollment Period (IEP)
  • You were eligible to enroll in Medicare Part D at the time of your IEP
  • You did not have creditable coverage after your IEP ended

Information you'll need on hand when you enroll in Medicare Part D

We recommend that you read important enrollment information before you begin. As you prepare to enroll, you'll need to have the following information on hand:

  • The name of the plan in which you want to enroll
  • Your Medicare information as it appears on your Medicare card
  • Any applicable medical or prescription insurance plan information.

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