After Enrolling - Looking to the Future of Medicare Part D
Will the $7,050 annual out-of-pocket threshold always remain the same?
Not likely, the annual estimated out-of-pocket threshold of $7,050 will increase
annually based on average prescription drug expenditures. (It was $3,600 in 2006.)
Can I change my plan in the future?
Yes, there will be an open enrollment period (called the Annual Coordinated Election Period) each year from October 15 - December 7. During this time period, you can change to a different program, even a different provider. The new program will take effect on January 1 of the following year.
For example: In December 2020 you select Provider A's Basic Plan. This plan will take effect on January 1, 2021. From October 15, 2021 until December 7, 2021, you can change to any other plan available in your area. Let's say you select Provider Z's Platinum Plan. This new plan will then take effect January 1, 2022.