The Medicare Advantage & Drug Plan open enrollment runs from October 15 to December 7th in 2015.
If you are age 65+ or disabled, you should enroll in Medicare A or B, and either purchase a Medicare Supplement with a Part D drug plan, or a Part C, “Advantage Plan” that includes drug coverage. If you do not purchase qualified drug coverage when you are eligible, you will pay a 1% penalty per month if you ever do purchase a Part D drug plan. This penalty would be assessed to you for the rest of your life. The penalty is 1% of the average cost of a national drug plan and is assessed monthly. For example, if you decide not to purchase a drug plan and three years later you need one, you would be penalized 36% per month. If you decide just to enroll in Medicare A & B and nothing else, you will be covered for approximately 80% of your medical bills with NO upper limit on your out of pocket expenses. For example, if you had a bill for $300,000, your cost share would be approximately $60,000.
Please call William “Bill” Beck, our senior products expert at Beck Insurance Agency today at 419-446-2777 learn more about your options, rates, and to get enrolled.