Open enrollment season is the time of the year when you can make changes to your prescription drug coverage.
If you’re eligible for Medicare and don’t have creditable drug coverage, which means drug coverage that is at least as good as Medicare drug coverage, you will be hit with a 1 percent late enrollment penalty for every month you were eligible for Medicare drug coverage but didn’t enroll.
If, for example, you don’t have drug coverage for ten months, you could be hit with a 10 percent increase in your Medicare drug plan premiums if you do eventually sign up for a Medicare drug plan. And you’ll continue to pay that 10 percent penalty every single month, every single year that you have Medicare drug coverage.
