- If You Have Drug Coverage (Creditable Coverage)
- If You Have Medigap (Medicare Supplement Insurance)
- If You Get Your Drugs Through A Drug Manufacturer's Patient-Assistance Program
- What If I Choose Not To Purchase Medicare Part D Coverage?
- What I Purchase All My Drugs Abroad?
- If You Are In A Medicare Advantage Plan That Provides Drug Coverage
Medicare Part D: How To Decide Whether To Take Medicare Part D
Whether you should enroll in Medicare Part D is a personal choice (unless you have Medicaid, in which case it is mandatory.)
As a person with a medical history, even if you are using few drugs now, it is worthwhile to have insurance against the possible need for high cost drugs.
If you are not currently spending a lot on drugs, if you do need drugs, or if drug costs increase, you'll have help paying for them. Also consider:
- What drug coverage you now have, if any
- The cost of Part D coverage
- The cost of your drugs
If you have drug coverage at least as good or better, it may be better to keep it and not purchase Medicare Part D. You can purchase Part D at a later date without penalty because your coverage is "creditable" (see below).
If you do not have equivalent coverage, there is a penalty of at least an extra 1% of the national average premium which is added to your premium for each month you delay. This penalty (which increases each year along with the average premium) continues for as long as you have Medicare drug coverage.
You can tell if your coverage is at least as good as Medicare's because the plan you have is supposed to inform you whether your coverage is "creditable" -- which means it is at least as good as the Medicare coverage. If you didn't get the notice, call and ask for one.
Some special circumstances to consider are:
- If you have Medigap
- If you get your drugs through a manufacturer's Patient Assistance Program
- If you are in a Medicare Advantage Plan
For more information see: