If you currently use few or no drugs, you may wonder if it is worth signing up for a Medicare Part D prescription drug plan because you would be paying a premium to have a plan that you don’t use. However, Medicare drug coverage is meant to protect you against high drug costs if and when you need it in the future.
If you decide to delay signing up for Medicare Part D when you are first eligible, you will be subject to a permanent financial penalty (if you go for 63 days or more without creditable drug coverage). Meaning, if you decide later to enroll in a Part D plan, you will pay the premium for the drug plan plus a penalty which is assessed every month for as long as you have a prescription drug plan in place.
If you find yourself questioning whether or not you need a Part D plan, consider enrolling in a prescription drug plan in your area that has the lowest premium. That way it will cost you the least and also prevent you from paying the penalty later.
For more information about Medicare, contact us at (941) 405 – 3900.