Do you know what to look for in a Medicare prescription drug plan? What are the types of plans and how are they different? How do you find the plan that’s right for you? Here are some tips to help you get the prescription drug coverage you need.

Choosing the right Medicare plan might seem intimidating at first. How do you know which plan is right for you? When are you eligible to enroll? Fortunately, there are steps you can take before getting started to help make the process a little easier. An important first step is knowing the information you need at hand when researching and enrolling in a Medicare plan. The Medicare Enrollment Checklist can help you prepare for this important decision.

In general, prescription drug coverage isn’t included in Original Medicare. To get this coverage, many people enroll in a Medicare Part D plan. There are two main ways to get Medicare prescription drug coverage: a standalone Medicare Part D plan or a Medicare Advantage (Part C) plan with a prescription drug benefit. Which option might be right for you?

The official start of the post-WWII baby boom may be debatable, but those born in 1947 are surely among the first of the Boomers to be reaching Medicare eligibility. It may be time to get ready to make some choices. Here are three basic bits of information to help you get started. 

Medicare maintains enrollment schedules throughout the year. Medicare Part D prescription drug coverage is optional—you are not automatically enrolled and you are not required to have it. But if you want and need Medicare Part D prescription drug coverage, you need to enroll during a formal enrollment period to avoid paying a Late Enrollment Penalty, or LEP. The LEP is a dollar amount added to your Part D premium.

Medicare has three enrollment periods during which you can sign up for Part D prescription drug coverage. Each enrollment period serves a specific purpose and population.  

Let’s assume you’ve assessed your needs, done your research and decided to join a Medicare Advantage (Part C) plan. Your next question might be: “When can I enroll?” There are two standard enrollment periods: the Initial Enrollment Period (IEP) for those who are new to Medicare and the Annual Enrollment Period (AEP) for those who are already Medicare beneficiaries. There is also a Special Enrollment Period (SEP) for individuals with qualifying exceptions that allows them to enroll in a plan outside the standard enrollment periods.

There are several benefits to enrolling in Medicare as soon as you’re eligible. You won’t forfeit your Medicare coverage by not signing up immediately, but you may face penalties, and your premiums could be permanently increased. Here are four things you need to know: