Do I need to enroll in Medicare Part D?
Medicare Part D prescription drug benefits could help you if don’t have drug coverage or if your current drug coverage is not a credible drug coverage or not as good as Medicare’s coverage. It is always important to be enrolled in Part D even you currently don’t take any prescriptions drugs. If later you need to have access to prescriptions drugs and are not enrolled you will have delays in enrolling and will have to pay late enrollment penalties.
If you currently have credible drug coverage which is better or at least as good as a Medicare drug benefit and you like the coverage. Your probably better off keeping your current coverage.
Be careful if joining a Medicare prescription plan. You could lose your credible drug coverage by joining a Medicare prescription drug plan and no long be able to get it back later. However, you can join a Medicare prescription drug plan later provided your current drug plan is considered credible and you will not have any penalties. At least once a year you should receive a written letter or notification from your insurance that tells you if your drug plan is credible. This should come from the employer, insurance company, or state program. This might not come separately in the mail and might be included with a plan newsletter or other materials.
What if I was not notified? Call and find out by asking for your answer in writing. No Part D penalties will have to be paid provided you can prove that you did not receive adequate information regarding your drug coverages credibility status.
Some plans through your employer will not work with Part D at all and cause you to lose your employer coverage a be unable to get it back. So, if you have insurance from any former or current employers or retiree coverage you need to ask human resources or a benefits manger to make sure your current coverage does in fact work with Part D.