Is Medicare Part D Insurance Necessary?

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Some of the expensive things that many of us have to deal with on a monthly basis is our prescription medication. If you have become eligible for Medicare plan A or B, you are automatically eligible to take part in Medicare part D as well. This is prescription drug coverage, and many people have been able to afford their prescriptions as a result of qualifying for this government run program. There are many times, however, when people may opt to delay taking part in the Medicare part D program. Here are some of the more common reasons why that may be the case.

If you or your spouse has become eligible for part A or B, yet you still have insurance through your employer, it may be to your benefit to delay getting Medicare part D at this time. For example, if you are over 65 years of age and have already applied for and been accepted into the standard Medicare packages, you may have insurance through your employer that is better than what is available through Medicare part D. When an employer has over 20 employees, it is necessary for him to offer you the same opportunity for insurance as all of the other employees. This is true, even if you also have Medicare. This may be one reason why you would want to delay getting into the Medicare plan D program.

If you are under the age of 65 and qualify for Medicare part A or B, yet are still working, your employer may also offer you a better prescription package than what is available through Medicare. This is the case whenever an employer has over 100 employees, as they are required by law to offer you the same insurance that is available to the other employees. Many people are able to receive better prescription coverage through their employer and they delay getting Medicare part D as a result.

It is important for you to understand, however, that if your circumstances change and it becomes necessary for you to get Medicare prescription coverage, you have a period of two months in order to apply for Medicare part D once your old insurance lapses. There are several different stipulations that go along with this, and it may be different if you have COBRA. Make sure that you talk to your insurance agent about these differences so that you can sign up when necessary in order to avoid any late enrollment penalties that may be charged.

Medicare Part D

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