What if I did not get Medicare 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) says anyone who is 65 years or older should start their Part D during their initial enrollment period. Clients often ask “If I do not take any prescription medications, do I have to get that coverage?”. The simple answer is yes, mainly to avoid getting penalized if there comes a time when you do want that coverage. CMS controls that penalty however, the insurance companies are the ones that will to bill you for any penalty charges.
There are two ways you can avoid this penalty.
- If you are still employed and your employer offers CREDITABLE drug coverage, you do not have to get Part D initially nor will you incur a penalty if you get a Part D Prescription plan as soon as you retire or if the employer coverage becomes non-creditable. This information 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.
- You can avoid the penalty if you have a Medicare Advantage plan that includes a Prescription Drug plan. Alternately, you may choose to purchase a stand-alone Prescription Drug plan from an insurance carrier. The stand-alone plan can be an option if you elect to keep Original Medicare and/or choose to enroll in a Medicare Supplement plan.
Medicare can be confusing but, Beck Insurance Agency is here to help. Please call to schedule an appointment today! Call Beck Insurance Agency in Archbold at 419-446-2777, call Whitehouse at 567-406-3006, send an email to help@beckinsurance.com, or click here to submit your request today.
Lori Good is a fully licensed and certified insurance agent. Lori works in our Medicare Unit and assists clients in reviewing, and choosing the Medicare coverages that best fits their individual needs. Click here to browse plans prior to contacting Lori for help.
