Know your options during Medicare’s annual enrollment period

Dear Toni: I turned 65 in February and did not enroll in a Medicare prescription drug plan. I’ve been told that I must wait until October for Medicare’s annual enrollment time. I need help now because I have been diagnosed with Parkinson’s disease and my brand-name prescription is expensive. I thought I could enroll at any time of the year. What can I do? — James, Memphis, Tennessee

Dear James: Medicare’s annual enrollment period is the time to enroll in either a stand-alone Medicare Part D prescription drug plan or a Part C Advantage plan (with or without prescription drug coverage). This enrollment opportunity lasts for about seven weeks.

The annual enrollment period does not involve changing or enrolling in a Medicare supplement.

This year’s enrollment period began Oct. 15 and will end at midnight Dec. 7. Any plan in which you enroll will have a Jan. 1 effective date.

Since you missed enrolling in a Medicare Part D plan when you turned 65, this is the time for you to enroll. It is also the time to compare costs and change to a Medicare Advantage plan if it is more cost-effective given your Parkinson’s diagnosis.

The changes that can be made during this annual enrollment period include:

■ Enroll in a Medicare Part D prescription drug plan.

■ Change from one Medicare Part D plan to another.

■ Enroll in a Medicare Part C Advantage plan with prescription coverage.

■ Change from one Medicare Advantage plan with or without drug coverage to a new Part C plan.

■ Return to original Medicare, purchase a Medicare supplement and enroll in a stand-alone Medicare prescription drug plan.

■ Return to original Medicare and enroll in a stand-alone Medicare prescription drug plan.

■ Return to original Medicare with no Part D plan.

Note: There is a penalty for not enrolling in a Medicare Part D plan when first eligible.

Those who already have a Medicare Advantage plan with or without prescription drug coverage or a stand-alone Medicare Part D prescription plan should use the annual enrollment period to make sure that their drug plan or Advantage plan still meets their needs.

Some Medicare Advantage prescription drug and Part D plans have changed premiums for 2024. Please verify that your prescription drugs are covered under your 2024 formulary. If your medications are not covered, you will have to pay 100 percent out of your own pocket.

Visit Medicare.gov to view Part D and Advantage plans with enrollment starting Oct. 15 and a Jan. 1 effective date. The website has a tool for helping you narrow your search for new Advantage and prescription drug plans.

Toni King is an author and columnist on Medicare and health insurance issues. If you have a Medicare question, email info@tonisays.com or call 832-519-8664.