What if I did not get Part D Prescription Drug coverage during my initial enrollment?
Part D of Medicare is your prescription drug coverage.
The Centers for Medicare and Medicaid Services (CMS) state that anyone who is 65 years or older should start their Part D during their initial enrollment period. Many of our clients ask, “If I do not take any prescription medications, why do I have to get that coverage?”. The simple answer is so you do not get penalized if there comes a time when you do want to have that coverage. CMS controls this penalty, and it has nothing to do with the insurance companies, however they are the ones that will end up having to bill you. Here are two ways you may avoid this penalty.
IF you are still employed and your employer offers CREDITABLE drug coverage, you do not have to get Part D when you turn 65.
You will not incur a penalty if you get a prescription plan when/if your employer coverage ever becomes non-creditable or when you stop receiving this coverage –i.e., retirement. Information about creditable prescription drug coverage can be obtained from your HR department at work. As you approach Medicare age, please do your due diligence to make sure your employer coverage is creditable according to the CMS guidelines.
The second way to avoid the penalty is to secure a Prescription Drug plan.
You may purchase a stand-alone plan if you keep Original Medicare and if you choose to purchase a Medicare Supplement plan. Alternately, you may consider enrolling in a Medicare Advantage Plan that includes prescription drug coverage, referred to as an MAPD. These options ensure you have prescription drug coverage and will avoid a potential penalty if you do not sign up now and need to purchase a prescription drug plan in the future.
This can get confusing however, we are here to help. Please call Beck Insurance in Archbold or Whitehouse, Ohio to schedule an appointment today! Call 419-446-2777, email us at help@beckinsurance.com, or click here to submit your request.
