
What Are Medicare Excess Charges?
Medicare excess charges are one of those complicated Medicare topics which tends to raise questions for potential Medicare Supplement plan enrollees. Read on to find out what you
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
Medicare excess charges are one of those complicated Medicare topics which tends to raise questions for potential Medicare Supplement plan enrollees. Read on to find out what you
In need of personalized Medicare advice? Get free guidance today.
In need of personalized Medicare advice? Get free guidance today.
It is often advisable to enroll in Medicare prescription drug coverage when you are first eligible in order to avoid having to pay a late enrollment penalty. However, you do have multiple options when it comes to signing up for Part D prescription drug coverage:
Many people choose to enroll in Medicare Part D during their IEP, as doing so can help you to avoid having to pay a late-enrollment fee. Enrolling in Part D when you first become eligible is quite straightforward, but you must be enrolled in Part A and/or Part B in order to do so.
Your Medicare Part D IEP is usually the same as your Original Medicare IEP. This is the seven month period that begins three months before you turn 65, includes your birthday month, and extends for the three months after.
If you don’t enroll in Part D coverage when you are first eligible, you have a couple of other opportunities throughout the year to do so.
You can make modifications to your Medicare drug coverage during the Medicare Annual Election Period (AEP). This is also referred to as the Open Enrollment Period (OEP).
The AEP lasts from October 15-December 7 each year. During this time, you can join a Medicare drug plan if you aren’t already enrolled in one, switch to a different drug plan, or drop your Medicare drug coverage completely.
The Medicare Advantage Open Enrollment Period occurs from January 1-March 31 each year. It allows you to join a Medicare drug plan if you are dropping your Medicare Advantage coverage to return to Original Medicare.
There are also numerous Special Enrollment Periods that allow you to enroll in Part D coverage at a time other than those listed above.
If you qualify for Extra Help, also known as the Part D Low-Income Subsidy (LIS), you will likely be granted a Special Enrollment Period.
This SEP allows you to join, switch, or drop your Medicare drug coverage once per quarter during the first three quarters of the year. During the fourth quarter, you can make changes during the Annual Enrollment Period, or from October 15-December 7.
Your change will become effective the first day of the following month, though in the case of modifying during the fourth quarter, on January 1st of the following year.
If you are a low-income individual who is eligible for both Medicare and Medicaid, you can join, switch, or drop your Medicare drug coverage once per quarter during the first three quarters of the year. During the fourth quarter, you can make changes during the Annual Enrollment Period (from October 15-December 7).
Your change will become effective the first day of the following month, though in the case of modifying during the fourth quarter, on January 1 of the following year.
If you had creditable drug coverage with your employer and you retire or choose to leave your employer’s coverage, you will be granted a Special Enrollment Period. Your SEP will last for two full months after the month that your employer coverage finalizes.
During this time, you will have the opportunity to join a Medicare drug plan as long as you are enrolled in Medicare Part A and/or Part B.
There are numerous other circumstances that warrant a Special Enrollment Period, some of which include:
If you think you may qualify for a Special Enrollment Period but aren’t entirely sure, get in contact with a licensed insurance agent here at Medicare Plans Direct. We can address all of your Medicare Part D enrollment questions and more.
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