What happens if I lose my current drug coverage and I want to enroll in Part D?

If your current coverage is creditable, meaning it is as good as Medicare’s , and you lose your coverage through no fault of your own, you will be given a Special Enrollment Period (SEP) in which to enroll in a Part D plan. You will not pay a premium penalty unless you take more than 63 days to enroll. If your current coverage is creditable but you dropped it voluntarily, you will not get a Special Enrollment Period. In this case, you must wait until the next enrollment period to sign up. To avoid paying a premium penalty, make sure you do not voluntarily drop your coverage more than 63 days before you can enroll in Part D. If your current coverage is not creditable — in other words, it is not as good as Medicare’s — you can enroll in Part D during the next annual ACEP enrollment period, but you will have to pay a late enrollment penalty for each month that you did not enroll after you were first eligible.