Medicare Mistake #7: Picking the Wrong Part D Plan

Medicare Mistake #7

Picking the Wrong Part D Plan


Traditional Medicare does not cover prescription drugs. Part D plans help cover the costs of prescription drugs. Unless you have a Medicare Advantage plan that includes drug coverage or are covered through an employer, it is important you pick out the right Part D plan for you.

When picking a Part D plan it is important to remember a few things:

  • The best way to pick a plan is according to the specific drugs you take
  • Part D plans do NOT¬†cover all drugs
  • Review your plan every year to make sure it is still the best for you as it may change
  • Co-pays vary greatly
  • It is a big risk to pick a prescription drug plan based on premium, name, or hearsay

If you choose the wrong plan, you can change it-but only during specific times. These periods include:

  • Annual Election Period (Oct. 15- Dec. 7)
  • Medicare Advantage Disenrollment Period (Jan. 1- Feb. 14)

Plans for 2016 will be released on October 1st. You have from October 15th to December 7th to select a plan. The plan you choose will go into effect on January 1st.

Note that once you select a plan you will not have the opportunity to change to another plan until the next annual election (Oct. 15th to Dec. 7th)

Got Medicare Questions?

We hope that this information on Part D is useful to you.

Let us help you answer your questions so that you can get back to the activities that you enjoy the most.

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