When they become 65 years old, many people automatically enroll in Original Medicare, Part A and B, which generally do not include prescription drugs. If you are insured by an employer or union policy that includes the supply of prescription drugs, you may be able to keep it if you join Medicare. If you are insured by an employer, you may want to enroll in Medicare, Part A, at the age of 65, since it costs you nothing if you have worked at least 10 years and have paid federal taxes. However, you may want to delay the registration for Part B because Part B has a monthly bonus.
Independent Medicare Part D policy for prescription drugs
Medicare prescription drug insurance is provided as a separate prescription drug Medicare Part D policy to supplement your original Medicare benefits. For you to enroll in an independent prescription drug policy, you only need to be enrolled in either Part A or B. This may be a good option for someone who has an employer without prescription benefits and has delayed registration in Part B of Medicare.
Medicare Advantage – Prescription Drug Insurance
Another way to get prescription drugs is as part of a Medicare Advantage policy. Medicare Advantage is another way to take advantage of Part A and B, and requires you to first enroll in Medicare Part A and B what part A still insures. Medicare Advantage policies often offer additional benefits, such as: Prescription drug insurance, vision, and dental services. With a Medicare Advantage policy, you still have to pay the Part B premium, as well as the premium the policy needs. If you qualify for Medicare for the first time, prescription drug insurance is optional. However, if you do not buy it, you may be sanctioned by the Medicare Part D penalty if you later register if you do not have other credibility insurance.
If you have an insurance policy (e.g. an employer’s policy) that insures drugs, you may not be penalized for late registration. You should know if your current prescription drug insurance is considered “creditable insurance”, insurance that has much to pay on average as Medicare’s Part D. Your insurance company must send you a “credit report” every September. You can also contact the policy to find out if your current insurance is acceptable. If your current insurance is unacceptable and you enroll in a Medicare Part D policy, Medicare may impose a fine. The fine will begin after a continuous period of 63 days or more after the initial Medicare filing period for which you do not have credible prescription drug protection.
If you have acceptable prescription drug insurance, as described above, you can keep the policy for as long as you remain eligible. If you decide to cancel the policy, you can enroll in a Medicare prescription drug policy or a Medicare Advantage prescription drug policy. Generally, you will have 2 months from the end of your current insurance to receive Medicare drug insurance. After two months, in most cases, your special registration phase will end in special circumstances.