Going Without Medicare Part D May Not Make Sense

Lindsey M. Hendrickson | Posted: January 23, 2019

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.  According to a study released in 2017 by the Centers for Disease Control and Prevention, for those age 65 years and over, approximately 40% use five or more prescription drugs within 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, and
  • be 65 years of age or older.

Sounds simple, right? It is! As long you maintain drug coverage, with a gap of no more than 63 days, you cannot be denied coverage by an insurance company. 

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 is a Paraplanner who strives to provide unique and exceptional client service. When you meet Lindsey, you will appreciate her attention to detail and friendly attitude. Outside of the office Lindsey enjoys cooking, traveling and spending time with family and friends.

Certifications, Licenses, and Registrations

  • Registered Admin with Triad Advisors, LLC
  • 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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