Do I Need Medicare Part D if I Dont Take Prescription Drugs? [CDdbUZ67G0x]
If you're not currently taking prescription drugs, should you bother enrolling in Medicare Part D? Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!!! ★☆★ABOUT THIS VIDEO★☆★ The crux of the decision is whether to enroll or not. Let’s discuss both options. So obviously, if you’re not taking any prescription drugs, it seems silly to pay a monthly premium for something you’re not using! So why would you? First, enrolling when you first become eligible will help you to avoid the Medicare Part D late enrollment penalty. The late penalty is calculated as: 1% X National Base Beneficiary Premium X # of Months without Insurance In 2021, the national base beneficiary premium is $33.06. So, you’re talking roughly $0.33/per month without insurance. Once you do enroll in Part D, this penalty will be tacked onto your monthly premium forever. And, chances are, at some point, you will want to enroll in Medicare Part D. It’s currently estimated somewhere around 90% of senior citizens take prescription drugs and well over 50% take more than four prescription drugs. Those costs can definitely stack up. So, at some point, you’ll probably want to enroll in Part D, but when? You may save a little money by putting off enrollment now, but it could end up costing you in the long run. Let’s say, you put it off for three years. You’d end up spending more than $10 per month more for your monthly premium. So, run the numbers before you make any decisions. You can view all of the available plans on Medicare.gov. Some of the plans offer very low monthly premiums, possibly lower than the late penalty you've calculated. Additionally, the unexpected does happen. If you don’t have prescription drug coverage and find yourself in need, you could find yourself between having to wait for the next enrollment period or paying some pretty big bills. The other option is, of course, not to enroll. Or at least, not to enroll now. Because the national base beneficiary premium does tend to increase on a yearly basis, so will the late penalty, but as we’ve seen, it’s still a pretty negligible amount for a small time. Should you need standard prescription drugs, there are plenty of ways to access lower cost prescriptions. For example, certain drug stores or grocery stores offer certain medications for free. Mostly generic, standard antibiotics. There are also pharmaceutical assistance programs and state pharmaceutical assistance programs. And with a little research and forethought, you can save a ton of money using programs like GoodRX. In fact, even if you are enrolled in Medicare Part D, it’s always helpful to ask your pharmacist whether your prescription will be cheaper with insurance or GoodRX. Obviously, you’re taking a bit of a risk, so do your research. And remember, you can always enroll in an inexpensive plan now and choose a different plan later when your needs change. If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or 👇SUBSCRIBE TO iHealthBroker's CHANNEL NOW👇 ★☆★CHECK OUT OUR OTHER VIDEOS★☆★ $35 Insulin with Medicare Part D How to Pick the Best Medicare Part D Plan The Truth About Medicare Advantage Make the Most of Your Medicare Part D Plan Medicare Part D Late Enrollment Penalty =================================== ★☆★CHECK US OUT ★☆★ WEBSITE: PHONE NUMBER: (888) 410-0344 F A C E B O O K: =================================== Give us a call or leave a comment below and we'll do our best to help! Make sure to "Like" and "Subscribe" today!