You are eligible for Medicare Insurance but you don’t feel that you need to sign up for the prescription drug coverage. You don’t take any prescriptions, so it’s not a big deal, right? You will be surprised to find out that the medicare system stacks the deck against you in this instance.
When you become eligible for medicare, you are supposed to also sign up for prescription drug coverage unless you have other creditable drug coverage. If you are on tri-care or if you are still working and have drug coverage with a group policy through your job, those are considered creditable coverage.
If you do not have creditable prescription drug coverage, the medicare system will impose a penalty of 1% for each month that you do not sign up for the proper prescription drug coverage.
Let me give you an example: You are healthy when you become eligible for medicare so you do not sign up for drug coverage. Four years later you develop Diabetes which is controllable through a prescription drug. When you sign up for Medicare Part D, you are shocked to find out that you prescription drug coverage will now cost you 48% more than it would have cost originally. This penalty will last FOR THE REST OF YOUR LIFE!
If yo have any questions about medicare coverage, feel free to call our Medicare specialist Jonathan Pudas at 813-654-8472.