Senior enrollment in Medicare Part D

The obvious starting point for beneficiaries to take advantage of the Medicare Part D program is to enroll in a plan that best meets their needs. Medicare beneficiaries that currently have creditable coverage (as good as Medicare Part D) should, in most situations, stay with their plan. Those without coverage should carefully assess the importance of joining a plan. Important factors to consider include being locked out of a plan from the end of the initial enrollment period, May 15, 2006, until the next open enrollment period, Nov. 15, 2006, through Dec. 31, 2006, with the new plan becoming effective Jan. 1, 2007; the late enrollment penalty of a 1 percent increase in premium for every month without coverage; and the lost opportunity in not taking advantage of having coverage, especially for those eligible for the low-income subsidy.