Open Enrollment Period for Medicare Part D
The criteria of those eligible to enroll.
Individuals who are eligible to enroll for the open enrollment period for medicare part D Prescription Drug Plan are those with Medicare Part A and Medicare Part B or an Advantage plan.
Before you are able to enroll for Medicare Part D, you must:
• Reside in the service area of a plan that provides drugs coverage.
• Have a Medicare Part A plan
• Have a Medicare Part B plan
Enrolling for the Medicare prescription drug coverage is voluntary; this coverage can be accessed by you through private insurance companies in two major ways:
• Medicare Prescription Drug Plan (Medicare Part D): this Drug Plans can be included to your Original Medicare coverage and also Medicare Medical Savings Account (MSA) plans, Medicare Private Fee-for-Service (PFFS) plans and Medicare Cost Plans.
• Medicare Advantage Prescription Drug plan: in addition to providing Medicare coverage plans, there are some Medicare Advantage plans added to the prescription drug coverage.
It is important to note that you cannot be enrolled in both types of plans. Remember, your plan will be automatically wiped off from the Advantage plan if you are enrolled presently in an advantage plan that offer drug coverage and you join this Plan, your Original Medicare will reverted back.
If you have creditable prescription drug coverage, like through an employer group plan, you may choose to keep aside the Medicare Part D prescription drug enrollment. Standard Medicare prescription drug coverage and Creditable prescription drug coverage are somewhat similar.
Ways to go about enrolling
you can apply for the open enrollment period for medicare part D directly through the insurance company. After deciding to enroll in any Medicare Prescription Drug Plan or special advantage plan that covers drug.You can easily enroll by calling the plan, submitting a paper application or enrolling online. Enrollment through a licensed insurance agent like eHealth. A Medicare Part D Prescription Drug Plans cannot call or ask you to enroll into their plan because they are not allowed to.
Upon enrollment on prescription drug coverage, various information will be included on your Medicare card, such as the date of the Medicare Part A and Medicare Part B plan and your Medicare number will be provided.
When to join in Part D
There are specific periods where you can make certain changes to your Medicare prescription drug coverage such as enrolling or not enrolling.
The Initial Enrollment Period.
This is usually the period you became eligible for this plan, you can enroll in Medicare Part D coverage. The Initial Enrollment Period Part B and the Initial Enrollment Period Part D are the same, it starts 3 months before turning 65 and ends 3 months after.
Your Enrollment Period would not start until 3 months before you reside permanently in an area with the service of a Medicare Part D Prescription Drug Plan / Medicare Advantage plan that includes drug coverage, this is usually applied if you are not eligible to join in the part D plan because you do not live in a Part D-covered service area. Your part D coverage plan starts from the very first day of the coming month in which you applied for the plan that is if you join in Medicare Part D during the First Enrollment Period. Also, your Medicare Part D coverage starts from the first day you turn 65 that is if you enroll in one of the three months prior to turning 65 years of age.
Annual Election Period (AEP)
The Annual Election Period is from October 15 to December 7 of every year and you can join any drug coverage then, if you did not join during the IEP for Part D. In the Annual Election Period, you have the chance to make changes to your present drug coverage that includes prescription coverage for the coming year, like:
• Taking another Prescription Drug Plan different from the one Medicare Prescription Drug Plan .
• Enrolling into a Medicare Prescription Drug Plan.
• Dropping your Medicare prescription drug coverage entirely.
• Choosing another Medicare Advantage plan that does includes drug coverage to a plan that does not, and vice versa.
Medicare Advantage Disenrollment Period
You have the option of leaving this plan and returning to the Original Medicare during the Medicare Advantage Disenrollment Period that is if you have the prescription drug coverage through a Medicare Advantage plan.
In a situation where you terminate your plan, until the 14th of February you can still join a Medicare Prescription Drug Plan because the Original Medicare does not have prescription coverage.
5-Star Special Election Period (SEP)
Rated on a scale of 1 to 5 for overall performance and quality, Medicare Advantage plans and Medicare Prescription Drug Plans are with a 5-star rating for being the best. This rating may is prone to change annually and it is based on member satisfaction surveys and provider feedback.
If you belong to a plan that does not hold a 5-star rating, make use of the special Period to join in a Medicare Advantage with drug coverage is that apart from the AEP, it boasts of a 5-star rating.
From December 8 to November 30 of every year, you can enroll into a a 5-star this period. This opportunity is only available once a year.
Special Election Period
A Special Election Period (SEP) is another time where one us able to disenroll, change or apply for open enrollment period for medicare part D besides the times mentioned earlier.
List of specific situations that may qualify you for an SEP include, but are not limited to: If
• your plan changes or your creditable prescription drug coverage is lost.
• plan contract is terminated with us.
• you leave your service plan area
• you live or move into an institution, such as a nursing home
• you qualify for Extra Help
Each year star ratings are calculated and are prone to change annually; Medicare evaluates plans based on a 5-Star rating system.
Rx Oasis is a preferred pharmacy with many prescription drug plans and we can help you save on your prescriptions. Preferred pharmacy networks can offer lower copays because they have an agreement with your Part D plan to charge less. Rx Oasis is a preferred pharmacy with many of the nation’s top providers which means we can offer copays as low as $1 on select Part D plans.You can schedule to meet with our staff to show you a comparison of various plans to suit your needs. Call 813-677-6000 or contact us via www.rx-oasis.com.
