The plan year for Medicare Part D is January-December. Every January, the plan benefits, premiums, coinsurance or copayment, formulary and/or pharmacy network may change.
Open Enrollment is held October 15 - December 7 every year. This is the time of year when you can
- review the changes to your plan for the next year
- check the formulary for your current plan to see if your prescription drugs are still covered
- change plans if you choose.
If you're already enrolled in a Part D Plan
If you already are enrolled in a Medicare Part D Plan and you decide to stay with your current plan, you don't have to re-enroll. However, you should check the formulary (list of drugs) for your current plan to see if your prescription drugs are still covered for the next year.
If your prescription drugs are no longer covered on your formulary, you may
- ask for a formulary exception for the prescription drugs you currently are taking
- talk to your doctor about other medications that are listed on the formulary.
When your plan is effective and when you can change it
If you enroll in or change your Part D Plan during open enrollment, your coverage in the new plan becomes effective on January 1 of the next year.
After December 7, you will not be able to change your plan until the next open enrollment period, unless you qualify for a special enrollment period.