Wellness

[Carmie]

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@chrystaltree wrote:

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@geezerette wrote:

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@deeva wrote:

@Helen852 

That's the only reason I signed up. I didn’t want to get penalized later in life.

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@deeva 

Me too.  I

I don't see it that way.  You have take out a calculator and do the math before you decide.  Using my friend as an example.  She did not take Part D.  At 65 she was strong healthy and taking no medications orther than an OTC low dose asprin and Citrical and a multivitamin.  She had no health issues.  It's like she'll remain healthy for the next 10 or 15 years.  If her health declines in 10 years and she needs a prescription medications and enrolls for Part D.  Yes, she'll pay the penalty but it won't hundrdes of dollars.  The penalty certainly will not come to more than the 10 years of Part D premiums she paid for absolutely nothing.  

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I disagree with your reasoning.  If your friend goes 10 years without Part D, her penalty will be 120%. For 15 years the penalty is 180% for the rest of her life!  That means she will pay for more than  double and possibly more than triple of what she could be paying.   Every year the price of Part D goes up and so will the amount of her penalty.

The penalty is based on the national average, not the price of her Part D.  If the national average is $60 a month and her RX coverage is $43....her monthly premium will be $175 because she waited 10 years.  When the National average goes up, her penalty dollar amount will too..each and every year.

In the meantime, you never know what health issue you will have.  If you need very expensive drugs for the rest of your life, this could run you thousands of dollars a year even with Part D insurance, plus you will pay a penalty for your coverage.

This is quite a huge gamble.  It could work out  well....or not.

[Carmie]

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@hckynut wrote:

@Havarti 

Medicare Parts A and B are required by law. Medicare Part D is optional. At least that is the way it reads to me. I have a supplemental Prescription Plan and I see no deductions from my SS, nor a bill from Medicare. 

If that is wrong would someone please tell me where I can find that Part D is Mandatory?

hckynut

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@hckynut wrote:

@Havarti 

Medicare Parts A and B are required by law. Medicare Part D is optional. At least that is the way it reads to me. I have a supplemental Prescription Plan and I see no deductions from my SS, nor a bill from Medicare. 

If that is wrong would someone please tell me where I can find that Part D is Mandatory?

hckynut

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Actually, Medicare Part B is not required by law.  You do not have to pick it up if you don't want it.

Many people over age 65 do not have it because they or their spouse are still working and it is not  required as they have other insurance that is primary. If that status changes, they can enroll then.

Others just decide they do want it for no particular reason..or whatever reason.  If they decide to pick it up later than when they're first eligible, they can...but with a penalty of 10% for every 12 months they were eligible but did not enroll.

[PINKdogWOOD]

@Havarti   Throwing my Part D out to you as well, with express scripts. I kept this for my Part D because this is what we had offered us at my work.

I also have the deliver to my door via mail. Never a problem I've had with them. I can order via phone when I need a refill or I can order online. I also get tracking so I can watch for my refill to get to me.

ANd speaking of how much it costs me annually, my new rate for 2020 went down from $24 to $19.50. I was surprised but I'm not complaining either!

[PINKdogWOOD]

@geezerette   From all I've read to sing up for medicare A,B & D (x,y,z too!!!) Part D is mandatory right from the get-go. ANd if you don't add it, it costs you more to sign up for it later (once your plan starts) and they penalize you too because you did not add it in the beginning of your process.

Of course I get this if you do not need or take any prescriptions but perhaps later as you age you may end up on something.

Another necessary gov't evil.

[artisto]

Read all about it:

https://q1medicare.com/PartD-The-2020-Medicare-Part-D-Outlook.php

[LilacTree]

I hopped on A,B, and D as soon as they were available.  I also became a CVS SilverScript prescription plan member (which is Part D), now also Aetna.  I have spent very little out of pocket on meds over the years and still don’t. I don’t take a lot of meds, only three inexpensive ones daily. Never have once hit the donut hole. 

They just sent me an new plan that combines Medicare with other advantages and I am mulling it over.  I don’t like that it requires docs to be in their network.  I’ve always been able to choose my own docs.  

I also have had an LTP through my job that I signed up for in the mid-90s, which I have been collecting on since 2004 when I retired and then came down with autoimmune diseases.  It’s a considerable amount of money per month, more than makes up for the monthly premiums that were automatically taken out of my pay since my mid-50s.

The only thing I don’t have are hospital co-pays.  However, I always set up a payment plan for them that is never more than $250-300 per month and when I’m done, I’m done.

I’m not sure if I want to change anything.

ETA:  I just called Aetna and she told me I’m fine the way I am.  Changing wouldn’t give me anything better than I already have.  Honest rep, good to hear.

[ILTH]

@Carmie 

Correct me if I'm wrong about any of this.
If I recall from other threads, you're in the industry and deal with this?

My understanding is that you can sign up for Part A, at no cost, as soon as you're eligible (age 65).  If you're still working and have insurance through you're employer, you don't have to sign up for Part B as soon as you're eligible (age 65). There is no penalty, in this scenario, as long as you sign up for Part B when your employment and attached insurance terminate.

Is this right?

TIA

[Carmie]

Everyone who is age 65 and is eligible for it, must sign up for Medicare Part A.  Part A only covers inpatient facility charges for hospital and Rehab providers ( plus a few other types of facilities) if you Do not sign up forPart A when first eligible at age 65, you will incur a penalty.  

Medicare Part B covers outpatient services from facilities and professional providers.

Some people who are still working or have a spouse who is still working do not have to Enroll in Medicare Part B when they turn 65. Your employer must have 20 or more employees for this.

You should check with your employer before you turn down Medicare Part B, just to be sure this is the case in your situation.

Once you are retired or no longer working, you must promptly enroll in Part B.  There is no penalty if this more is done timely.

You are correct in your understanding.

[ILTH]

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@Carmie wrote:

Everyone who is age 65 and is eligible for it, must sign up for Medicare Part A.  Part A only covers inpatient facility charges for hospital and Rehab providers ( plus a few other types of facilities) if you Do not sign up forPart A when first eligible at age 65, you will incur a penalty.  

Medicare Part B covers outpatient services from facilities and professional providers.

Some people who are still working or have a spouse who is still working do not have to Enroll in Medicare Part B when they turn 65. Your employer must have 20 or more employees for this.

You should check with your employer before you turn down Medicare Part B, just to be sure this is the case in your situation.

Once you are retired or no longer working, you must promptly enroll in Part B.  There is no penalty if this more is done timely.

You are correct in your understanding.

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Thank you. 

[riley1]

@Havarti - my coverage doubled.