Do I Need A Medicare Drug Plan?
In almost all situations the answer to this question is “yes.”
The reason for this is simple.
If you are taking any non-generic medications, a Medicare Part D drug plan will likely significantly reduce the cost you pay for your medications.
But what if I do not take any medications or only take inexpensive generic medications?
In this case the answer is still almost always “yes.”
The reason for this is if someone does not enroll in a Medicare Part D drug plan when they first go on full Medicare, the only time they can enroll in the future is during Medicare’s Annual Enrollment Period (AEP) which is from October 15 until December 7 every year.
This means that if someone on Medicare does not have a Medicare Part D drug plan and is prescribed an expensive medication in the middle of the year, they will have to pay the full price of the medication until the beginning of the next year.
This could mean they would have to pay $500 or even more per month for up to 12 months.
Some medications such as chemotherapy if administered in a take-at-home pill form can cost more than $10,000 per month. Someone without a Medicare Part D drug plan would have to pay this full amount.
Given that in 2021 in most states a Medicare beneficiary can enroll in a Medicare Part D drug plan for $7.30 per month or less, not having such a plan at all is a needless financial risk.
Who may not need a Medicare Part D drug plan?
Someone who has creditable drug coverage through an employer or union or who has drug coverage through the VA may reasonably choose not to enroll in a Medicare Part D drug plan.
Which Medicare Part D drug plan is right for you?
Click here to request your Medicare Part D drug plan quote
Click Here To Request Your Medicare Part D Drug Plan Recommendation
Charles Bradshaw's Medicare Blogs
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