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The Medicare Drug Benefit Deadline Is May 15

  • May 10th, 2006

The deadline for signing up for the Medicare Drug Benefit is fast approaching. Although some members of Congress are calling for legislation to extend the deadline, no action has been taken, so the deadline remains May 15, 2006. People who do not currently have "creditable coverage" (drug coverage at least as good as Medicare's) from another insurer and who wish to sign up for the drug benefit must sign up by May 15, 2006, or pay a penalty. For every month you delay enrollment past May 15, the premium will increase at least 1 percent. The penalty for 2006 will be $2.24 a month added to future premiums. The penalty will continue to increase for each additional month after 2006 that the beneficiary does not enroll.

For an article by the Center for Medicare Advocacy on "Coping with the Medicare Part D Enrollment Deadline, click here.

For more information on the drug benefit, click here.

For a worksheet to help you compare drug plans, click here. (If you do not have the free PDF reader installed on your computer, download it here.)

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Last Modified: 05/10/2006

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