Whether you decide to stay on Original Medicare or decide to enroll in a Medicare Supplement, you are going to need a Part D Prescription Drug Plan. Even if you do not currently take any prescriptions. If you don't choose one when you sign up for Part A and Part B, you will start incurring a Late Enrollment Penalty. The longer you go without one, the more it will be. These penalties do not go away either, they are lifelong. What is important to know about Prescription Drug Plans is that they are not all created equal. If you currently do have regular prescriptions, it is important to be sure that the plan you choose includes them on their formulary, otherwise you will have to pay the full cost of them out of pocket.
The cost for Prescription Drug Plans will vary. Average is typically around $30 to $50 monthly although this will be dependent on your prescriptions, pharmacy of choice and your location. There are plans available that are much less and much more.
Drug plan formularies can and do change annually. One year, your prescription may be covered and then the next year it may not be. I strongly recommend having an Annual Drug Plan review every year during Annual Enrollment Period (AEP) since that would be the time for you to make a switch to a new plan if your current plan is no longer covering your prescriptions. This is a service I provide to my clients at no cost.
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