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. Learn why it is important to take your Medicare Part D plan very seriously to avoid long-term consequences.
What Should I Know About Medicare Prescription Drug Coverage?
To begin with, medicare prescription drug coverage is also known as Part D. Your Medicare Part D will cover prescription drugs. You have many choices when deciding which Medicare prescription drug coverage is right for you. Depending on the number and type of medications you’re taking, some plans offer low monthly premiums with higher deductibles. Yet others offer higher monthly premiums with little to no deductibles. Each Medicare prescription drug coverage plan varies in cost and drugs covered.
What Step Is Required for Medicare Prescription Drug Coverage?
The most important thing to remember is that you are required to sign up for Medicare prescription drug coverage. 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.
How Do I Avoid a Penalty With My Medicare Prescription Drug Coverage?
There is a penalty if you do not enroll in a Medicare Part D drug plan. 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 It is also subject to increase over 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 licensed agent which medicare prescription drug coverage is right for you.
In the end, saying no to medicare prescription drug coverage is the wrong thing to do. It is possible to find affordable plans that will prevent you from accruing lifelong monetary penalties. If you need more help, do not hesitate to reach out to a MedicareInc.com licensed agent. We are dedicated to helping you navigate the Medicare maze and medicare prescription drug coverage. Want to learn more about medicare prescription drug coverage? Call us at (480) 382-1823.