Part D Prescription Drug Plans
Colorado Medicare Part D Plans
While not part of Original Medicare, the Medicare Prescription Drug Plan (Part D) is very important. It provides coverage for prescription drugs which is required under Medicare.
You can either sign up for a Medicare Prescription Drug Plan (Part D) on its own or receive drug coverage through your Medicare Advantage Plan (Part C). Remember, you can always change your Drug Plan during open enrollment next year, so focus on your current prescriptions and what you may need this year.
How Much Does A Medicare Part D Prescription Drug Plan Cost?
Medicare Part D Prescription Drug Plans are very affordable. If you choose to sign up for Part D on its own, there may be a small monthly premium that you will pay on top of your Part B premiums. Compare plans with premiums starting as low as $.40 a day.
If You Wait to Enroll You Pay Higher Premiums
Remember that if you don't enroll when you first become eligible you will be penalized by having to pay higher premiums in the future. It's important to lock in your lowest premium now. Even if you don't think you need drug coverage now, it pays to sign up for a super inexpensive plan to avoid paying enormous premiums when you do need the coverage in the future. You can always change your plan during Open Enrollment every year.
The Penalty for Enrolling Late Never Ends
You are penalized 1% of the national base beneficiary premium ($32/month as of this writing) from the time you enrolled in Medicare Part B, and the penalty increases each year as the national base beneficiary premium increases, and the penalty goes on forever. That penalty can end up costing you thousands of dollars in extra premiums at a period of time when you need your money the most. Don't wait, compare plans for the lowest rate now.
The Penalty Adds Up Fast
If it's January and you enrolled in Medicare Part B 12 months ago, your penalty would be $3.83 ($32 x 12%) added to your monthly premium. That's $45.96/year. However, you must also wait for open enrollment before enrolling in Part D which means waiting 10 more months, bringing the penalty up to $7.04/month or 84.48/year ($32 x 22%). You will pay that additional premium forever.
Think about that. It costs you almost $100 a year to wait a year to sign up. What if you made the mistake of waiting 5 years? That's an extra $500 in preimums, who can afford that? Don't put yourself in the position of not being able to afford prescription drugs when you need them most, later in life. Compare plans with premiums starting as low as $.40 a day.
Important Dates
Open Enrollment: Sign up for new Part C and Part D plans – Oct. 15, 2015 - Dec. 7, 2015
Initial Enrollment: You are now eligible for Medicare – 1st Day of 3rd Month before your 65th birthday (if your birthday was April 4 the first day you could sign up was January 1st)
The Medicare Part D Donut Hole
And what about that infamous Donut Hole? Learn more.
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