Changing Part D Plans
So, you have a current Part D plan in place.
This section will show you how to go about changing to a new Medicare Part D plan with a different insurance company.
If this describes your situation, check out the information below to learn how and when you can change your Part D plan.
WHEN can I change my prescription drug plan?
So, WHEN can you change your Part D plan?
This section will focus on when every Medicare beneficiary can elect to change their Part D prescription drug coverage.
There are a handful of Special Election Periods (SEP's) when individuals can change their plan due to special circumstances, so refer to our "Medicare's Different Enrollment Periods" for more SEP details.
Let's talk about the famous Annual Election Period (often mistakenly called "Open Enrollment").
This is the time period from October 15th - December 7th and is usually accompanied by piles of postcards in the mail, and non-stop television commercials.
During this time period, you can choose any of the Part D plans available in your area to enroll into.
Once you enroll into a new plan during this time period, your plan will begin on January 1st of the following year.
NOTE: You do NOT have to change your drug plan during this time... however, it is ALWAYS worth double checking!
HOW do I change my drug coverage?
We have already covered most of the application process for switching a Medicare Part D plan.
Look back at the section "Enrolling in Part D" for details on the application process. Now we will discuss what happens when you do make a Part D change.
The most important thing to remember is that during the Annual Election Period (AEP) the LAST Part D plan that you enroll into will be the one that you are "stuck" with for the following year.
This means that every time you enroll in a new Part D plan, it will automatically cancel your current Part D plan.
This also means that you do NOT need to call your previous Part D carrier to cancel the plan.
Click the video on the left for an overview of the process.