If you are new to Medicare, you should consider your options for Medicare prescription drug coverage. You may sign up when you first become eligible for Medicare. If you do not sign up when you are first eligible, you may pay a penalty. If you currently have Medicare prescription drug coverage, you should review your coverage each year in the Fall. You might want to switch Medicare prescription drug plans if another plan better meets your needs. Generally, you can only switch plans from November 15 - December 31 of each year. In certain situations, you may be able to change plans at other times. For example:
if you move out of the service area of the plan you are in,
if you have both Medicare & Medicaid,
if you live in, or move into or out of an institution (like a nursing home), or
if you have creditable prescription drug coverage and that coverage ends.
The Medicare Prescription Drug Plan Finder can help you learn about plans in your area by accessing a directory of all Medicare plans with drug coverage in your state or territory. You can click on a plan name for the most up to date detailed cost and coverage information, including whether or not the plan covers the drugs you take. You can choose a plan based on this information, or you can find out what your drugs cost by comparing Medicare drug plans.
Another tool is the Landscape of Local Plans. The Landscape lists all plans available in your State, providing important information that includes
The Landscape provides information about the two different ways you can get your Medicare prescription drug coverage:
Medicare Advantage or other Health Plans with Prescription Drug Coverage. Medicare Advantage Plans are health plan options that are part of the Medicare Program. If you join one of these plans, you generally get all your Medicare-covered health care through that plan. This coverage can include prescription drug coverage. Medicare Advantage Plans include: Medicare Health Maintenance Organization (HMOs); Preferred Provider Organizations (PPO); Private Fee-for-Service Plans; and Medicare Special Needs Plans.
Stand-alone Prescription Drug Plans that offer drug coverage only. You can add prescription drug coverage to the Original Medicare plan and some Medicare Advantage and other Medicare Health Plans through a "stand alone" prescription drug plan (PDP).
