I didn’t buy Medicare Part D when I first enrolled, now what?
Medicare Part D is your prescription drug coverage. The Centers of Medicare and Medicaid Services (CMS) says that anyone who is 65 years or older should start their Part D during their initial enrollment period.
May of our clients ask, “I do not take any prescription medications, why do I need Part D?”.
The answer simply is so that you do not get penalized if their comes a time (and there will) when you do want to add Part D. CMS controls that penalty and it has nothing to do with the insurance companies, despite the penalty being collected by them. There are two ways you can avoid the penalty, both of which are easy and not costly.
If you are still employed and your employer offers CREDIBLE drug coverage, you are not required to carry Part D. You can add it later when you either retire, or your employer’s coverage becomes non-credible. This information can be obtained by your employer’s HR department. As you do approach Medicare age, you will need to do your due diligence to ensure that your employer provided coverage is credible according to the CMS guidelines.
If you don’t have credible coverage through your employer, then you may want to sign up for a Medicare Advantage Plan, or MAPD. This option has your drug coverage included. As we’ve mentioned in prior blog posts, most Medicare Advantage Plans come with a zero monthly premium. If you don’t want a Medicare Advantage Plan, then you would instead need a Medicare Supplement with a stand alone drug plan. We have many drug plans that have very low premiums and with that you would have peace of mind knowing that you won’t later be subject to penalties.
Medicare can be confusing, so Beck Insurance Agency is here to help! If you have any questions or would like to schedule an appointment please call us at 419-446-2777, email us at help@beckinsurance.com, or click here today!
Contact Lori Good, Senior Products Specialist at Beck Insurance Agency. (419) 446-2777
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