What if I delayed enrolling in Medicare Part D, prescription drug coverage?

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.

Many of our clients ask “If I do not take any prescription medications, do I have to get that coverage?”.

The simple answer is yes.  This is mainly to avoid getting penalized when the time comes that 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.  Under those circumstances you will also not incur a penalty when later enrolling.  This would be when 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, do your due diligence to make sure your employer coverage is creditable.  This would be determined by the CMS guidelines.

You can also 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.

This can get confusing but, we are here to help.

For more information contact the Frost Insurance Agency.  Call us at 419-446-2777, send an email to help@frostins.com, or click here to submit your request today!  You can also stop by and see us at one of our four convenient locations in Archbold, Napoleon, Holgate, or Whitehouse.

We do not offer every plan available in your area. Currently, we represent 10 organizations that offer 6,584 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.