Open Enrollment for New Medicare Part D Prescription Plans Ends May 15

The initial Open Enrollment period to sign-up for a Medicare Part D Prescription Plan ends on May 15, 2006. If you have not signed-up by this date, Medicare will start to add a one percent per month penalty to your premium should you decide to enroll in the future.

There will be another Annual Open Enrollment at the end of the year, from November 15 to December 31. During that period you will have the opportunity to sign-up for the first time, or to change plans. However, if you didn’t sign-up during your initial Open Enrollment Period, then you will be paying a premium that includes a penalty amount.

“It has been very gratifying to help our clients to find significant savings by matching them up to the right plans. We have really tried hard to find the BEST plan for each person’s situation,” says Trish Sneddon, Insurance Counselor.

For those who will be turning 65 years old in the future, there will be an Open Enrollment period for Part D when you turn 65 and first become eligible for Medicare. For those who continue working past age 65, you will have a Special Enrollment period when your employer-sponsored benefits end.

FIFS Connection, Spring 2006, Vol.3, No. 2