Going Without Medicare Part D May Not Make Sense

Lindsey M. Hendrickson | Posted: February 3, 2020

Even if you aren’t currently taking any medications, if you're turning 65 soon and will be eligible for Medicare, you may want to seriously consider enrolling in Part D coverage at the same time you enroll for Medicare. In most cases, delaying Part D enrollment means you'll have to pay a penalty if you want to enroll later than when you are first eligible.

If you're thinking you won’t need prescription drug coverage in the future, odds are you will.  In study, released in 2019, that covers the years 2015 and 2016, 45.8% of respondents age 65 and over reported that they had used five or more prescription drugs in the last 30 days.

A Potential Low-Cost Option for Part D Coverage

In an effort to avoid a late enrollment penalty, you could enroll in a low-cost plan to start, which could then be changed annually during an enrollment period, should you need to make changes in the future. For example, SeniorCare, Wisconsin’s prescription drug assistance program, has an annual fee of $30.

With this program, your annual income determines your level of coverage; however, having even basic coverage at the start of your Medicare eligibility may allow you to avoid any future late enrollment penalties.

To enroll in SeniorCare, you must:

  • Be a Wisconsin resident.
  • Be a U.S. citizen or have qualifying immigrant status.
  • Be 65 years of age or older.

Sounds simple, right? It is! As long you maintain drug coverage, with any gap in coverage lasting less than 63 days, you will not face a Part D late enrollment penalty .

So – before you make decisions about Medicare Part D coverage, we encourage you to consider at least a basic, low-cost plan to see if it makes sense for you, and if it will help you avoid penalties in the future. If you have questions about your specific situation, ask your wealth manager at your next review, or contact our office at 715-832-1173.

About the author

Lindsey M. Hendrickson

Lindsey strives to provide an individualized and exceptional client experience. She enjoys helping people identify their unique financial goals and aligning them with the resources to strive to achieve those goals. When you meet Lindsey, you will appreciate her friendly attitude and attention to detail. While out of the office, Lindsey enjoys traveling, cooking, hiking and spending time with her family. 

Certifications, Licenses, and Registrations

  • Registered Representative with LPL Financial, Member FINRA/SIPC
  • Accident, Life, Health, and Variable Life/Variable Annuity Insurance Licenses

Education and Training

  • Series 7, 66
  • Bachelors Degree - Psychology (Emphasis in Human Resources); University of Wisconsin - Stout

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