Your new Medicare Part D plan year will begin on January 1st of each year.
The Medicare Part D plan year runs from January 1st through December 31st of each year, so the plan year runs for a calendar year rather than 365 days from the date of your initial enrollment (or
Initial Enrollment Period).
Every year, Medicare Part D prescription drug and Medicare Advantage plan providers re-evaluate the features and premium of their plans. Plan providers can change their plan's premium, deductible, cost-sharing, drug cost-sharing tier structure, covered drugs on their formulary and other features each year with these new features taking effect on January 1st of the following year.
Because plan features
can change drastically each year, it is important for each person to compare their Medicare Part D plan options during the
Annual Enrollment Period (AEP) that runs from October 15th through December 7th of each year with new plan coverage beginning on January 1st of the following year.
Please remember that you are eligible to switch plans outside of the Annual Enrollment Period if you qualify for a
Special Enrollment Period.