I decided not to sign up for a Part D drug plan when I first qualified for Medicare last year, but now I want to enroll in a drug plan during the Medicare Annual Election Period (AEP). Can I do that?

Yes, you can sign up for a Part D plan during the Medicare Annual Election Period (AEP).

Keep in mind, you may also owe a late enrollment penalty because you didn’t sign up for Part D drug coverage when you first became eligible for Medicare. The penalty is equal to 1% of the national average premium amount for every month you didn’t have coverage as good as the standard Part D benefit. A short lapse in prescription drug coverage will not have a significant impact, but the longer without coverage the larger the penalty would be. If you meet certain qualifications you can avoid Part D penalties for late enrollment.