What Happens If I Choose Not To Sign Up For A Medicare Prescription Drug Policy?
Because Medicare prescription drugs are optional, some people cannot opt for a Medicare prescription drug policy. But, what will happen if you need more prescription drugs over time?
Is it true that Original Medicare does not have prescription drug insurance? Medicare Part A (or hospital insurance) and Part B (or health insurance) are part of original Medicare and can only insure certain prescription drugs in certain cases. For instance, if you are hospitalized, Part A will generally insure medications related to your treatment. Part B generally treats medically necessary prescription drugs that are given to you at a clinic, doctor’s office or other outpatient facility. If you take prescription drugs at home, you may want to sign up for a Medicare prescription drug policy. Keep reading to know more.
How would you get a Medicare prescription drug policy? You may choose to ignore prescription drug insurance, as under Medicare, this is optional, you alone can choose if it is the proper option for you. However, registering in the Medicare prescription drug policy is usually easy. Medicare prescription drug policies are available in Medicare Part D of private insurance companies that subscribe to Medicare plan. You must sign up for Medicare Part A and/or B to qualify for a separate Medicare Part D prescription drug policy and to live in the policy’s service area.
There is another kind of prescription drug policy for Medicare, and this is a Prescription Drug policy for Medicare Advantage. There are several types of Medicare Advantage policies; and all are available at private insurance firms approved by Medicare. Generally, you can get your Medicare benefits for Part A and B through a 2020 Medicare supplement plan, and most policies include prescription drug insurance. Some policies also offer additional benefits, such as routine hearing.
If you join a Medicare Advantage policy, you are still in the Medicare program and you must continue to pay your Part B premium along with the premium that the policy can impose.
What happens if I do not want to enroll in a prescription drug policy?
If you do not choose prescription drugs, it’s up to you to do so. However, you should be aware that if you ever want to enroll in a Medicare prescription drug policy, you may have to have a late registration period for Part D.
If I do not have a Medicare prescription drug policy, will the late enrollment period for Part D affect me?
If you made a choice to skip Medicare’s prescription drug when you first approved it and then opted for a Medicare prescription drug policy, you may be penalizing Part D for applying too late. If you have been absent from credible prescription drugs for more than 63 consecutive days since you first joined Medicare, it could be your ticket when you enroll in a Medicare prescription drug policy. Medicare considers the insurance “creditable” i.e. if it pays on average at least as much as standard Medicare drugs.