Don't Forget About Medicare Part-D Upcoming Dates

By Pascal Bergeron

What is Medicare prescription drug coverage?
Medicare offers prescription drug coverage (Part D) for everyone with Medicare.This coverage may help you lower your prescription drug costs and help you protect against higher costs in the future. It can give you greater access to drugs that you can use to prevent complications of diseases and stay well. To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Cost: Each plan can vary in cost and drugs covered. If you join a Medicare drug plan, you usually pay a monthly premium. If you decide not to join a Medicare drug plan when you are first eligible, you may pay a penalty if you choose to join later. If you have limited income and resources, you might qualify for extra help paying your Part D costs. For more information about extra help with prescription drug costs and how to apply, visit www.socialsecurity.gov or call Social Security at 1-800-772-1213. TTY users should call 1-800-325-0778.

When can I make changes to my coverage?
You can make changes to your Medicare health or prescription drug coverage between November 15—December 31 each year. If you are eligible for a Medicare Advantage Plan, you can also join a Medicare Advantage Plan between January 1-March 31 each year. Depending on your situation, there may be other times when you can change your Medicare health or prescription drug coverage.

Important Dates
October 1, 2008 - Medicare Part D Prescription Drug plan shopping can start gathering information and evaluate Part D plans.
November 15 to December 31, 2008 - Here is your chance to join a Part D plan for 2009.
Keep in mind that whatever decision you make cannot be changed again until November of 2009, to go into effect for 2010. So, if you want a second opinion, get it NOW!
January 1, 2009 - Your 2009 Medicare Part D plan becomes effective and you will be able to begin using your Part D benefits.
January 1–November 15, 2009 - Special Enrollment Period or (SEP) begins. This SEP is available for those people who enrolled into a Medicare Advantage Plan with a Prescription Drug Plan.
Many people ask why they need to join a Medicare D Coverage Drug Plan or PDP if they do not take any or very few medications. If you do not join when you are first eligible for Medicare D coverage, you will pay a 1% per month penalty that will be added to your premium when you do join and this is for life. Also, since this is an insurance product, you need to understand that if you get sick in the middle of the year, you cannot join until the next AEP. You do not wait until after you have an accident to get car insurance and the same can be said of Medicare Part D Coverage Drug Plans.
http://www.medicare.gov/
During the AEP, you can go to www.MyPartDusa.com to see your top 5 Medicare Part D Coverage Drug Programs that will save you the most money