INSURANCE

Laura Mutsko Agent and CSA

Q:

I have Original Medicare, but

I do not have Part D Prescription Drug coverage. Can I add Prescription coverage now, during Medicare’s Open Enrollment? A:

Yes. You can enroll in a Medicare Part D Prescription Drug plan now during Medicare’s Annual Open Enrollment period. You have until December 7 to sign up for a plan that will take effect on January 1 of next year. As a Medicare beneficiary, you can make changes in your coverage each year during Open Enrollment.

There are two ways for you to get your Medicare Prescription Drug coverage. If you plan to continue with your Original Medicare coverage, you can enroll in a standalone Prescription Drug plan. Another option is to enroll in one of the many Medicare Advantage plans that include Prescription Drug coverage.

Please take some time to compare plans before you select one. While all Part D plans are required to cover common types of drugs, the specific prescription drugs covered by a Medicare Part D plan vary by plan type and insurance carrier. Every plan has its own list of covered medications, called a formulary. Many Medicare drug plans place drugs into different levels called “tiers” on their formularies. Drugs in each tier have a different cost. For example, a drug in a lower tier will generally cost you less than a drug in a higher tier.

Before enrolling, make sure any drugs you are taking are covered. You do not want to learn too late that your prescriptions are not in the formulary.

Even if you do not take prescription drugs now, you should consider getting Medicare drug coverage. Those who do not enroll when they are first eligible, and do not have other creditable prescription drug coverage or get Extra Help, will likely pay a late enrollment penalty if they join a plan later.

The late enrollment penalty is an amount that is permanently added to your Medicare drug coverage (Part D) premium. The cost of the late enrollment penalty depends on how long you went without Part D or creditable prescription drug coverage. Medicare calculates the penalty by multiplying 1% of the “national base beneficiary premium” ($32.74 in 2020, $33.06 in 2021) times the number of full, uncovered months you did not have Part D or creditable coverage. The monthly premium is rounded to the nearest $.10 and added to your monthly Part D premium

For help enrolling in a Medicare Advantage plan or a Prescription

Drug plan geared to your needs, contact me at 440-255-5700 or email me at Lmutsko@mutskoinsurance.com. We will set up an appointment to help you find the plan that is right for you.

Laura Mutsko Mutsko Insurance Services, LLC 6982 Spinach Drive, Mentor, OH 44060 440-255-5700 www.mutskoinsurance.com