Is There An Advantage To Delay Enrollment in Medicare Part D Plan?

What is the Medicare Part D Plan?

The prescription drug coverage portion of Medicare is referred to as Part D of the Medicare plans. Part D is available to help cover the costs of prescriptions and possibly protect against future increases of those costs. This is especially helpful for those with diabetes or those having to take immunosuppressive drugs after a transplant.

Can I and should I delay enrolling right now?

A serious question to ask is if you should delay your enrollment into Medicare Part D. Under the Original Medicare Plan most prescriptions are not covered and Part D would pay for some or all of the costs. Those who enroll into the Medicare Advantage Plan will usually have prescription drug coverage included, but if not they can also choose to add Part D when subscribing. If you already have existing prescription drug coverage, you should delay your enrollment into Medicare Part D.

What does “credible coverage” mean?

Credible coverage from a union or an employer can usually be kept without incurring any penalties as long as it pays as much as Medicare Part D would pay toward prescription drugs. If and when the existing coverage is lost, you can decide to enroll at that point.

What about penalties?

If you do not already have existing prescription coverage from another source and delay enrollment into Medicare Part D, you will pay a penalty for late enrollment. You will also incur a penalty if you go longer than 63 days consecutively without creditable coverage. If your existing coverage covers more of the prescription drug costs than Part D would, you should delay your enrollment until your existing coverage comes to an end. For more information on the Medicare prescription drug coverage you should contact you State Health Insurance Assistance Program (SHIP), Call 1-800-MEDICARE, or visit www.medicare.gov/pdphome.asp for plan information in your area.

Related posts

1. Why Do Some People Delay Enrollment in Medicare Part D Plan?
2. What Is The Late Enrollment Penalty (LEP) For Medicare?
3. Are There Penalties If I Choose Not To Enroll In Medicare Part D Plan?
4. What is the Medicare Prescription Drug Plan Finder?
5. What is a Prescription Drug Plan (PDP) For Medicare?

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