Don’t Let The Clock Run Out on Part D

It’s official: You signed up for Original Medicare Parts A and B. Your enrollment isn’t quite finished yet though — at least, it shouldn’t be. Your next step is to enroll in a prescription drug plan. This is true even if you’re not presently taking any medications. It is important that you enroll in a timely fashion to avoid lifetime late enrollment penalties.

Lower Prescription Copays in 2023

According to the Centers for Medicare & Medicaid Services, the number of Medicare beneficiaries in Hawai‘i has grown to 281,091. Seventy-two percent of  beneficiaries have prescription drug coverage through Medicare Parts C and D. Even so, prescriptions can be expensive. The Inflation Reduction Act of 2022 is intended to help lower copays for covered medications.

Medicare’s Other Enrollment Periods

Every year, Medicare provides two enrollment periods that run from Jan. 1 through March 31. During the General Enrollment Period, individuals can apply for Medicare if they missed their Initial Enrollment Period (IEP) or don’t qualify for a Special Enrollment Period. Coverage begins July 1 of that year. If you missed your IEP when you turned 65, you may incur late enrollment penalties that will increase your premiums.