How to Drop a Medicare Prescription Plan
The Medicare prescription drug plan, or Medicare Part D, provides insurance coverage on brand name and generic medications. Anyone who has Medicare is eligible for the program and can sign up through their local Social Security office. However, there may come a time when you no longer need the drug plan and wish to drop the coverage.
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Instructions
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Dropping Your Medicare Prescription Plan Is A Fairly Simple Process
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1
Determine your enrollment cancellation period for Medicare Part D. In most cases, you will only be allowed to drop the drug plan during the Annual Election Period, between November 15 and December 31 annually.
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2
Call Medicare on their toll free customer service line. The Medicare phone number you want to use is (800) 633-4227. Make sure you have your Medicare card handy, in order to let the representative know your identification number.
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3
Let the representative know that you want to cancel your Medicare drug coverage. They will be able to start the cancellation process over the phone.
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4
Send a letter to confirm that you wish to drop Medicare Part D. In order to complete cancellation, the representative will request that you send in a signed letter to Medicare detailing that you want to cancel prescription drug coverage. The representative will give you the address that you need to send in your letter.
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5
Wait for mailed confirmation from Social Security. This confirmation paperwork will let you know that your Medicare prescription drug plan has been canceled.
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Tips & Warnings
Medicare imposes a premium penalty on participants that drop Medicare Part D and do not have any reputable prescription coverage to take its place
