What happens if I enroll in Part D after my 65th birthday?
It’s important to note that there is a late enrollment penalty. Each year you wait, approximately $4.28 is added to your monthly premium. To clarify, if you turn 65 and buy a Medicare Supplement, and never buy a Part D drug plan, you will never pay a penalty. The penalty applies when you have waited a while (after turning 65) and then purchase a Part D plan. There wouldn’t be a penalty if you have other creditable drug coverage (ex. employer, VA, or TriCare).
If you plan to stay on an employer plan after age 65, verify that the drug coverage is creditable, meaning it’s just as good or better than Medicare Part D. Insurance companies for every group health plan are required to mail employers information on whether or not the drug coverage is creditable, so you should be able to verify this rather easily.
Note: Part D is designed by Medicare, but you can’t buy a Part D plan from the government. It always comes from private insurance.
How do I add Part D (Prescription Drug Coverage) to my plan?
The options are as follows:
- Medicare + Stand-Alone Part D Prescription Plan
- Medicare + Supplement Plan + Stand-Alone Part D Prescription Plan
- A Medicare Advantage Plan with Part D Prescription Plan Included
There are Medicare Advantage Plans that don’t have Part D included, but you’re not able to pick a Medicare Advantage plan and a different drug plan, so it’s important to speak with a professional that can guide you through this process.
It’s completely free for you to speak with any of our agents. Utilize our knowledge and let us help you figure out the Medicare path that is right for you.
Interested in attending Jeff Tomlin’s next FREE presentation? Register now for Tuesday, July 17th, 2018. This session will be offered at two different times: 3:00pm and 6:00pm at the downtown Eugene LCC campus .
Click here to register for the 3:00pm session.
Click here to register for the 6:00pm session.