What if I did not get my Medicare Part D right away?

What if I did not get my Medicare Part D when I initially enrolled in Medicare?

Medicare Part D is your prescription drug coverage.  CMS (Centers for Medicare and Medicaid Services) says that anyone who is 65 or older should start their part D during their initial enrollment period.  Many of our clients ask, “I do not take any prescription medications, so why do I have to buy part D?”. 

The simple answer to this is so you do not get penalized if an when you want to add part D later on.  CMS controls that penalty and it has nothing to do with the insurance company, however the insurance companies are the ones being forced to bill you for it.  There are two ways you can avoid this penalty, and either way is quite easy and not very expensive.

IF you are still employed and your employer offers creditable drug coverage, you do not have to get Medicare Part D initially, nor will a penalty be imposed upon you as long as your do enroll in Part D as soon as you retire or your employer coverage becomes non-creditable.  This information can be obtained through your HR department at work.  As you approach Medicare age, please do your due diligence to make sure that your employer coverage is creditable according to the CMS guidelines.

Another way to avoid a penalty is to sign up for a Medicare Advantage plan or MAPD.  These plans have drug coverage included already.  But what if you don’t want a MAPD?  Well then you can simply purchase a Medicare Supplement and add a stand alone drug plan.  There are drug plans available that have very low monthly premiums which would give you peace of mind despite not needing the coverage – and avoiding future penalties.  

This all can be very confusing, so we are here to help.  If you have any questions please call Lori Good at Beck Insurance Agency at 419-446-2777, email her at lori@beckinsurance.com, or click here to submit your inquiry.