If you are turning 65 soon or are already passed the age of retirement, then you have no doubt been looking into your options for healthcare, including solutions for keeping the out of pocket prices for your prescription medications down. Medicare Part B, also referred to as Medicare Prescription Drug Coverage, can be a lifesaver when it comes to managing the cost of your prescriptions after retirement. If you are eligible for Medicare Part A or Part B, then you are eligible for Medicare Part D as well.
For those haven’t yet turned 65, choosing a Part D plan at the time that you become eligible for Medicare is a smart idea, since you have to pay a penalty if you join outside of the initial enrollment period. The only exception to this rule is that if you currently have other drug coverage but want to add a Medicare Part D plan, than you may avoid the penalty.
There are a few things to remember before signing up for Medicare Part D. Part D prescription plans following the same rules: if you are enrolled in Part A and you are eligible for Part B but never enrolled in it, than you can still sign up for drug coverage. The same is true for those who used to have Part B but dropped it.
You don’t need to be on any prescriptions to enroll in Medicare Part D. Everyone wants to stay healthy throughout his or her retirement and it’s impossible to predict when your health will change. To make sure that you are covered no matter what, enrolling in Medicare Part D will help you pay for expensive medications – should you need them. It’s an easy and affordable way to get some extra benefits and you never know when you may need some help paying for your prescriptions.