May 10, 2006
Last Day to Enroll in a Medicare Part D Prescription Drug Plan Offering Coverage for 2006
What does the deadline mean?
If you are eligible for Medicare Part D and you miss the deadline, you will pay a penalty for signing up later than the enrollment period in which you first become eligible. You must sign up with a private insurance company that is approved by Medicare.
What is the penalty?
If you are currently a Medicare beneficiary and do not have credible prescription drug coverage from elsewhere, you will face a penalty for failing to sign up by May 15, 2006. Every month that passes after May 15, will raise your premium 1%. The next opportunity to enroll is from November 15, 2006 through December 31, 2006. This means an overall increase of at least 6%.
In addition to the penalty, current Medicare beneficiaries that fail to meet the deadline will not be able to get Medicare drug coverage for the rest of 2006. The next open enrollment period beginning in November is for coverage commencing in 2007.
Where can I find more information?
The Medicare Prescription Drug Plan Finder at www.medicare.gov allows you to find plans in your area. You may also call the Medicare Hotline at 1-800-MEDICARE.
If you have any questions, please contact us.