Planning Ahead: When to Sign Up for Prescription Drug Coverage

It’s surprising how many people who have Medicare decide not to sign up for the prescription drug coverage available to them when first eligible, making it necessary to, when they later change their minds, pay penalties for late enrollment.

Under normal circumstances, you can only join a Medicare drug plan during specific time frames. The logical time to sign up, even when it seems you may not need it, is when you first become eligible for Medicare; three months prior to turning 65 and three months immediately after. Personal health situations and thought processes change so quickly that planning ahead simply makes the most sense!

You can also apply for coverage between November 15^th and December 31^st each year, your coverage then beginning on January 1^st. If you are receiving Medicare because of a disability, you can sign up for drug coverage three months before to three months after your 25^th month of cash disability payments. Some situations, however, allow you to join a prescription drug program at other times, like if you qualify for extra help, move out of your service area, or live in an institution.

Of course, not all plans cover all medications. It’s essential that, if you do decide to sign up for coverage with Medicare, you research the various plans in order to select the one that best meets your needs.