As you should already know, there are several supplementary insurance plans available to Medicare beneficiaries. They aim to fill the gaps in the original Medicare coverage, and it will be up to you to decide whether you should enroll in these insurance programs. However, you need to understand that not joining some of them will reflect on your premiums in the future.
For example, Medicare Part D is an insurance plan that covers the cost of your prescription drugs. Technically, it’s approved and supported by Medicare, but these plans are offered by private insurers. You can enroll in this insurance program after you turn 65 or during a certain period every year after your 65th birthday. However, your premiums will be at least 12% higher if you don’t enroll right away. These penalties can add up to large amounts, so it’s best to enroll in a Medicare Part D insurance program as soon as you get the chance.
- Regardless of whether you already have prescription drug coverage insurance, switching to one of the Medicare Part D plans may be better simply because their terms can be more beneficial. Thus, the first thing you should do is to research the plans available to you. The chances of finding something that will beat your current insurance are very high.
- You never know when an accident of any kind may occur. Thus, you cannot predict how your prescription drug needs will change in the future. Medicare Part D insurance plans are designed to be as comprehensive as possible. Thus, switching to this insurance is usually a good idea, even if your current plan seems a bit more beneficial.
- If you lose your chance to enroll in a Medicare Part D insurance program as soon as you become eligible for it, you will lose your chance to benefit from it fully, even if you see that these plans are more comprehensive with time. At that point, enrollment penalties and increased premiums will annihilate many benefits you could have procured from this program.
Consider all these things before your 65th birthday and study all the insurance options available to you. This research will most likely take a few days, but you need to be very thorough. Do not forget that the decisions you make at this point will be irrevocable. Thus, you will have to live with their consequences.