If you’re wondering whether you can find a better Medicare Part D plan out there and how to look for it you’re in the right place. Let’s break it down, step by step.

Can you change Medicare Part D plans anytime?

Can you simply wake up one morning and decide to change your Medicare Part D plan? Well, not exactly. While there’s room for change, it’s not a year-round open door.

Initial Enrollment Period (IEP)

You can join a Medicare Prescription Drug Plan when you first become eligible for Medicare during the 7-month period that begins 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65.

Annual Enrollment Period (AEP) also known as Open Enrollment

Dates and duration: Every year, from October 15 to December 7, you can re-evaluate and change your Medicare Prescription Drug Plan.

Actions you can take: This is your chance to review, join, switch, or drop your current Medicare Prescription Drug Plan based on your current needs and the plans available.

When coverage starts: Regardless of when you make a change during the OEP, your new coverage will be effective from January 1 of the next year.

Medicare Advantage Open Enrollment Period (MA OEP)

Dates and Duration: This period spans from January 1 to March 31.

Eligibility: It’s specifically for individuals already in a Medicare Advantage Plan.

Actions you can take: You have the option to switch between Medicare Advantage Plans or revert to Original Medicare. You can disenroll from your current Medicare Advantage Plan and join a different Medicare Advantage Plan with prescription drug coverage. If you choose the latter, you can also select a Medicare Prescription Drug Plan.

When coverage starts: Your new plan will kick in on the first day of the month following your enrollment decision.

Special Enrollment Periods (SEPs)

Under specific situations, like moving out of your plan’s service area or losing other credible prescription drug coverage, you might be eligible to change Medicare Part D during an SEP.

How do I change my Medicare Part D plan?

Here’s a step-by-step guide on how to effectively transition to a different Medicare Part D plan.

Researching different plans

The official Medicare website offers the Plan Finder tool, which lets you compare various Part D plans based on costs, covered drugs, and pharmacy networks in your area. You can also use Hella Health’s Medicare Personal Shopper to find the best option.

Review the Annual Notice of Change (ANOC)

If you’re currently on a Medicare Part D plan, expect an ANOC every September. This informs you of any changes to costs or benefits for the upcoming year, helping you evaluate if you should consider a change.

Seek personalized assistance

Your local State Health Insurance Assistance Programs (SHIPs) can provide in-depth counseling, helping you grasp your Medicare options.

Evaluating plan features

Medication coverage

Confirm that the new plan’s formulary (the list of covered drugs) includes your medications. Understand the different coverage tiers, as they impact copayments and coinsurance.

Cost analysis

Beyond monthly premiums, account for annual deductibles, copayments, and coinsurance. Remember the coverage gap, which might escalate your out-of-pocket costs for prescriptions. 

In 2024, after your total drug costs on covered drugs hit $5,030, you’ll enter the coverage gap. Post this threshold, you’ll be responsible for 25% of the cost of any covered prescription drugs.

Pharmacy network

Some plans offer competitive prices within their pharmacy network. Make sure your preferred pharmacy is recognized.

Making the switch

You can enroll in a Medicare Part D plan in three ways:

• Call a Part D plan directly
• Via medicare.gov
• Call 1-800-MEDICARE
• Some may opt for a physical enrollment form for the new plan and send it via mail.

Confirming your enrollment

After you enroll, you should get a “Hey, welcome!” kind of letter from the new plan.

Your fresh plan will forward membership essentials: a membership card, a user guide, a formulary, and a pharmacy directory. Familiarize yourself with these resources.

Disenrolling from your old plan

When you get a new Medicare Prescription Drug Plan, they’ll break up with your old plan for you. You don’t have to call your old plan and inform them of the change.

Informing your pharmacy

After joining the new plan, tell your pharmacy. They’ll update your details, making life smoother the next time you need a refill.

Ready for a change?

Life’s too short for shoes that don’t fit or a Medicare Part D plan that doesn’t align with your needs.

Whether you’re gearing up for retirement or assisting a loved one in navigating Medicare, knowing when and how to switch Medicare Part D plans can be a game-changer. So, ready to find that perfect fit?