Medicare prescription drug coverage (PDP) can be obtained through stand-alone prescription drug plans (Part D) or included in a Medicare Advantage Plan.

Many Medicare enrollees who purchase a supplement/Medigap policy also enroll in stand-alone PDP (Part D).

Unless an enrollee qualifies for a special enrollment period, changing your prescription drug plan is only allowed during the annual enrollment period (AEP), which is October 15th – December 7th every year, to be effective January 1st of the next year.

It is VERY important to evaluate your drug plan every year during the annual enrollment period. Your prescriptions may change throughout the year. Prescription drug plan premiums, drug formularies, copays, deductibles may change for the upcoming year. This could impact your costs for the next year. So…take the time and review your plan. You can do this yourself on the Medicare website, meet with your local SHIIP counselor, or contact a trusted advisor/professional.