We’ve been taught our whole lives to just say no to drugs. It is a great slogan and one to never forget, unless you are about to sign up for Medicare. There are very serious consequences to saying ‘no’ to Medicare prescription drug coverage.
To begin with, Medicare Part D covers your prescription drugs. You have many choices when deciding on the right coverage for you. Depending on the number and type of medications you’re taking, some plans offer low monthly premiums with higher deductibles while others offer higher monthly premiums with little to no deductibles. Each plan varies in cost and drugs covered.
The most important thing to remember is that you are required to sign up a for a prescription drug plan. By not doing so, you will be subject to a penalty. Many Medicare recipients are unaware they must enroll in a Part D plan once they become eligible for Medicare, even if they currently do not take medication or need prescriptions.
If you don’t enroll in a Medicare prescription drug plan when you’re first eligible or if you go without prescription drug coverage for a period of 63 or more days in a row after you qualify, you may have to pay a late-enrollment penalty.
This IS NOT a one-time penalty, the penalty is annual and may increase each year. Also, you may have to pay this penalty for as long as you have a Medicare prescription drug plan. Remember to ask a Medicareinc.com agent which Part D plan is right for you.
In the end, saying ‘no’ to Medicare Part D is the wrong thing to do. It is possible to find affordable plans that will prevent you from accruing lifelong monetary penalties.
Need more help? Medicareinc.com is dedicated to helping you through the Medicare maze. Click here to sign up for a workshop or call us today regarding your personal situation. (480) 382-1823