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Should I get Part D or not?
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Medicare & Insurance
Should I get Part D or not?
Share Medicare dos and don’ts, including eligibility and supplemental insurance.
I have just recently become eligible for Medicare. I have a supplement in place, but am in a quandry as to whether or not to get a Part D. Here is my situation. I am 65 and consider myself to be in ve
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Cat:91a4afbf-9555-4e02-b9d3-9eef604476f6Forum:c79f53c3-fa71-4e76-b517-aef042efd7ffDiscussion:682fa74d-1c6b-4741-84f1-ad20d007652c
Forums » Health » Medicare & Insurance » Should I get Part D or not?
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Should I get Part D or not?
posted at October 30, 2012 1:09 PM EDT
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Posts: 4
First: October 30, 2012 Last: October 30, 2012 |
I have just recently become eligible for Medicare. I have a supplement in place, but am in a quandry as to whether or not to get a Part D. Here is my situation. I am 65 and consider myself to be in very good health. I work hard on nutrition and eating a good diet and also am serious about exercise. In other words, I work on having good health, as much as I can in the world we live in. I had a catastrophic healthcare plan until now, which I never had to use, in spite of the $400 per month it cost me. I know I'm fortunate and I am grateful for my good health. I do not take any medications and have not taken any on a regular basis during my adult life. I know this can change in the future, thus my confusion on what to do about getting a Part D. It seems to me that making a payment each month for a drug plan I do not use does not make sense. But I also know I may need the plan one day; plus there is that looming threat of future penalties if I do not get a Part D until I might actually use it. What to do? I have heard that a lot of people are opting to not have a Part D. That when they need drugs, they are finding it much cheaper to pay out of pocket for them. I have also heard that many people buy their drugs from Canada or other countries and are saving a lot of money that way. Being new to all of this and being a person who doesn't really think about drugs in my daily life, I am really undecided as to what I should do. I would very much appreciate learning from those of you who may have more experience than I do and be in a similar situation. Thank you! |
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Re: Should I get Plan D or not?
posted at October 30, 2012 2:16 PM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to Should I get Plan D or not?: I have just recently become eligible for Medicare. I have a supplement in place, but am in a quandry as to whether or not to get a Plan D. Here is my situation. I am 65 and consider myself to be in very good health. I work hard on nutrition and eating a good diet and also am serious about exercise. In other words, I work on having good health, as much as I can in the world we live in. I had a catastrophic healthcare plan until now, which I never had to use, in spite of the $400 per month it cost me. I know I'm fortunate and I am grateful for my good health. I do not take any medications and have not taken any on a regular basis during my adult life. I know this can change in the future, thus my confusion on what to do about getting a Plan D. It seems to me that making a payment each month for a drug plan I do not use does not make sense. But I also know I may need the plan one day; plus there is that looming threat of future penalties if I do not get a Plan D until I might actually use it. What to do? I have heard that a lot of people are opting to not have a Plan D. That when they need drugs, they are finding it much cheaper to pay out of pocket for them. I have also heard that many people buy their drugs from Canada or other countries and are saving a lot of money that way. Being new to all of this and being a person who doesn't really think about drugs in my daily life, I am really undecided as to what I should do. I would very much appreciate learning from those of you who may have more experience than I do and be in a similar situation. Thank you! Posted by BlueMoon3 It is insurance so you have to determine your own risk and comfort level. Some options - You can go without for this year and then rehash this on a yearly basis based on what meds if any you might have to go on - You could enroll in the lowest cost part D plan available to you in your area if you want just to cover yourself under the insurance and the "what if" determination - You could look into a MA plan that has it all Parts under one plan if available in your area - this way you would have an MA plan and would not have to have the Medigap (supplemental). However, remember that Supplemental once dropped might be impossible to get back if for some reason your health deteriorates but the supplemental will increase in cost from year to year. I don't think there is a late penalty (surcharge) for not signing up within a certain time period for part D like there is for part B. EDITED TO ADD: I looked it up - there is - see my answer below and the link to the CMS "Welcome To Medicare" booklet P.S. You are actually talking about Medicare PART D - there is a difference in Medicare lingo of "PART" and "PLAN" |
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Re: Should I get Part D or not?
posted at October 30, 2012 2:42 PM EDT
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Posts: 4
First: October 30, 2012 Last: October 30, 2012 |
In Response to Re: Should I get Plan D or not?: I don't think there is a late penalty (surcharge) for not signing up within a certain time period for part D like there is for part B. P.S. You are actually talking about Medicare PART D - there is a difference in Medicare lingo of "PART" and "PLAN" I appreciate the input. Thanks for clarifying that I am referring to Part D, not Plan D. On the UnitedHealthcare website it says this: Premium costs are one of the reasons why it's important to sign up for a Part D plan when you first become eligible. If you wait to sign up, you may have to pay a penalty, set by Medicare, on your premium. For each month you delay enrollment, you may pay an additional one percent of the national average premium per month. When you do enroll in Part D, you'll continue to pay this penalty for as long as you're enrolled. |
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Re: Should I get Part D or not?
posted at October 30, 2012 4:33 PM EDT
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Posts: 4
First: October 30, 2012 Last: October 30, 2012 |
I just spoke with a senior resources healthcare advisor for my county. She said there are definitely penalties to pay in future years for not choosing a Part D when you first become eligible. If I got the cheapest plan available, it would amount to about $3 extra each month for each year I delay. So, after one year it would be $3, after two years it would be $6, etc. You also cannot get a Part D immediately if needed. You would have to wait until the next enrollment period and it would not become active until the following January. |
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Re: Should I get Part D or not?
posted at October 30, 2012 4:42 PM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to Re: Should I get Part D or not?: In Response to Re: Should I get Plan D or not? : I don't think there is a late penalty (surcharge) for not signing up within a certain time period for part D like there is for part B. P.S. You are actually talking about Medicare PART D - there is a difference in Medicare lingo of "PART" and "PLAN" I appreciate the input. Thanks for clarifying that I am referring to Part D, not Plan D. On the UnitedHealthcare website it says this: Premium costs are one of the reasons why it's important to sign up for a Part D plan when you first become eligible. If you wait to sign up, you may have to pay a penalty, set by Medicare, on your premium. For each month you delay enrollment, you may pay an additional one percent of the national average premium per month. When you do enroll in Part D, you'll continue to pay this penalty for as long as you're enrolled. That is what I understand the future penalties might be. But they do say you "may" pay this penalty. Is this for real, or doesn't it actually happen? Has anyone on here added a Part D a year or more after they became eligible? If so, was the penalty as stated above? Posted by BlueMoon3 Here you go, I looked it up - Yes, there is a penalty unless you have other creditable coverage I'm quoting from the "Welcome to Medicare" (this is a link to the booklet from Centers for Medicare & Medicaid Services) (red, white and blue 1/2 size booklet) that Medicare (CMS) should have sent to you when you were 1st eligible (before you turned 65). page 21 - 26 See page 25 especially ! Perhaps you should review this entire booklet. DECISION CHECKLIST: Should you join a Medicare Prescription Drug Plan? Here are some questions to help you decide if a Medicare Prescription Drug Plan is right for you: ❑Do you need drug coverage? Even if you don’t take a lot of drugs now, you still may want to join a Medicare Prescription Drug Plan to avoid being without coverage. If you don’t join when you’re first eligible, and you go 63 days or more in a row without other creditable drug coverage, you may have to wait to sign up and pay a penalty. ❑Do you already have drug coverage? If you have other creditable drug coverage (such as from an employer or union), you may not need to join now. You can join a Medicare Prescription Drug Plan later without a penalty as long as you don’t go 63 days or more in a row without creditable drug coverage. ❑Are you planning to join a Medicare Advantage Plan that includes drug coverage? Many Medicare Advantage Plans include Medicare prescription drug coverage. If you’re joining a plan that includes drug coverage, you don’t need to join a Medicare Prescription Drug Plan.Compare the different lists of covered drugs (formularies) and costs of the Medicare Prescription Drug Plans in your area. Check which plans cover the drugs you take, and make sure you understand any rules or limits that apply. |
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Re: Should I get Part D or not?
posted at October 30, 2012 5:04 PM EDT
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Posts: 4
First: October 30, 2012 Last: October 30, 2012 |
Thanks for the info. I do understand the nuts and bolts of having a drug plan. What I am really hoping to hear is input from people like myself who have opted to not have a Part D and what their feelings might be now, if they are a few years further down the road than I am. |
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Re: Should I get Part D or not?
posted at October 30, 2012 8:14 PM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to Re: Should I get Part D or not?: Thanks for the info. I do understand the nuts and bolts of having a drug plan. What I am really hoping to hear is input from people like myself who have opted to not have a Part D and what their feelings might be now, if they are a few years further down the road than I am. Posted by BlueMoon3 I can't really answer you on that because I have always had Rx coverage even though I take no daily prescribed Rx - I had under private insurance and now under Medicare. I will point out a few pluses - Under Medicare most of your immunizations are covered under Part B - except for the shingles vaccination and it is covered under the prescription drug plan (Part D) - at least right now. It is a kind of expensive immunization but it is only a 1X Rx - once and done. There are also some cancer treatment drugs (oral and self-injected cancer drugs.) that are under the Part D plans - they are expensive. What might happen if you had to be put on one of them? It is an insurance - just like any other - you are protecting yourself against the "IF". IMO |
Forums » Health » Medicare & Insurance » Should I get Part D or not?
