Insurance Broker | Financial Consultant, Lawrence Insurance Consulting, Southern New Jersey
If you’re signing up with a Part D plan for the first time, you may do so in one of three different enrollment periods, depending on your circumstances:The initial enrollment period- If you’re not yet in Medicare and have no other drug coverage that’s “creditable” (considered as good as Medicare’s), you can join a drug plan at any time during your seven-month initial Medicare enrollment period. This lasts from three months before to three months after the month you turn 65 (or, if you’re younger with disabilities, the month you receive your 25th Social Security disability payment). You can also use this IEP if you turned 65 while living abroad or in prison. It lasts from three months before to three months after the month of your return or release.
The special enrollment period- You’re entitled to an SEP in certain circumstances—for example, if you lose creditable drug coverage (such as from an employer or union), or you turned 65 before moving abroad or going to prison and now want Part D coverage on your return or release. You do not have to request an SEP in these circumstances, but can just go ahead and sign up with a plan. This kind of SEP lasts 63 days and you must be receiving Part D coverage before it expires to avoid a late penalty.
The annual open enrollment period If you miss your deadline for joining Part D during an IEP or an SEP, then you cannot enroll in a drug plan until the next OEP. This enrollment period (which until the end of 2010 ran from November 15 to December 31) now runs from October 15 to December 7 each year. You also have to wait for an OEP if you deliberately drop creditable drug coverage that you already have (for example, from an employer or union). The OEP also serves as an annual opportunity for anybody already enrolled in Part D to switch from one plan to another.
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The special enrollment period- You’re entitled to an SEP in certain circumstances—for example, if you lose creditable drug coverage (such as from an employer or union), or you turned 65 before moving abroad or going to prison and now want Part D coverage on your return or release. You do not have to request an SEP in these circumstances, but can just go ahead and sign up with a plan. This kind of SEP lasts 63 days and you must be receiving Part D coverage before it expires to avoid a late penalty.
The annual open enrollment period If you miss your deadline for joining Part D during an IEP or an SEP, then you cannot enroll in a drug plan until the next OEP. This enrollment period (which until the end of 2010 ran from November 15 to December 31) now runs from October 15 to December 7 each year. You also have to wait for an OEP if you deliberately drop creditable drug coverage that you already have (for example, from an employer or union). The OEP also serves as an annual opportunity for anybody already enrolled in Part D to switch from one plan to another.