Medicare Part D plans. The most confusing part of Medicare. Georgia seniors have questions about a Medicare drug plan. Am I required to buy a drug plan? Which prescription plan is best for me? How do I choose the right drug plan?
Am I required to buy a Medicare Part D plan?
A. – No, you are not required to buy a drug plan. However, if you do not choose a plan when you first become eligible for Medicare Part D (drug plan) you will be charged a late enrollment penalty. When you buy a drug plan when you first become eligible for Medicare you can avoid the late penalty and higher premium.
What is the Medicare drug plan late enrollment penalty?
A. – Medicare requires insurance companies to charge you a late enrollment penalty. The penalty is 1% per month for each month in which you are eligible for Medicare Part D. And that penalty is charged every month for the rest of your life. To find out how much your penalty is, use this Medicare late enrollment penalty link.
Should I purchase a drug plan even if I do not take any medications or my medications are not expensive?
A. – At the very least, you should consider a low price Medicare Part D plan to avoid paying a late enrollment penalty.
When can I switch prescription drug plans?
A. – As a general rule, you can only switch Medicare Part D plans during the annual enrollment period. The Annual Election Period comes at the end of each calendar year. Other qualifying events, such as moving in to a nursing home, will allow you to switch plans at that time.
You can only make changes in your Medicare drug plan during the annual enrollment period.
Switch your high priced Medicare supplement plan for a lower priced on ANY TIME DURING THE YEAR. Georgia Insurance Shop and Georgia Medicare Plans have the lowest Medigap supplement plan rates in the state. We also help our Medicare supplement clients find the Medicare Part D plan with the lowest possible out of pocket cost.
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