There’s a lot of confusion and discussion around Medicare and prescription drug plans. First, no, Medicare does not provide coverage for prescription medications. When people hear that, they find it unbelievable. Medicare Health Insurance brings lots of surprises, as people find out at age 65. Now, prescription coverage is available, but it is at an additional cost to the Medicare beneficiary. Medicare allows private insurance companies to provide Part D prescription drug plans.
Now some people mistakenly think that if they do not take prescription medications that they don’t need prescription drug coverage. But nothing could be further from the truth. First, one never knows how their health may change in the future, when prescription medications may be needed. The last thing you want is to need prescription medication and not be able to get it. Sure, you can pay for the medication, but who wants to pay hundreds of dollars when with prescription coverage, it may cost just a few dollars.
Second, if you apply for prescription drug coverage later, Medicare will impose a Late Enrollment Penalty. The longer you wait to enroll in prescription coverage, the higher the penalty will be. On top of that, it’s a permanent penalty. In any case, we don’t recommend you skip getting prescription drug coverage because you do not currently take prescription medications. Get covered. It’s too important.
