Philadelphia Medicare- Avoid these Medicare Part D Mistakes
1. Enroll late
For those who are perpetually late, being on time for anything seems challenging. But trust me: You don’t want to enroll in a Part D plan late. Otherwise you’ll be literally paying for your mistake for the remainder of the years you’re enrolled in Medicare. If you miss your initial enrollment period — which comprises the three months prior to your 65th birthday, the month of your 65th birthday, and the three months after — and you maintain 63 continuous days without drug coverage, then you could wind up facing a late-enrollment penalty. Medicare determines this penalty by multiplying the national base beneficiary premium (which is $34.10 in 2016) by the number of full, uncovered months you didn’t have Part D coverage. But here’s the catch: You’ll owe this penalty every year, not just the first year you decide to enroll late. Furthermore, the national base beneficiary premium increases every year, which means your penalty probably will, too.2. Make too much money
I’m sure it’s a problem we’d all like to have, but if you earn too much money while enrolled in Medicare, you could wind up paying premium surcharges for both Part B (outpatient services) and Part D.
MEDICARE PART D SURCHARGE TABLE. IMAGE SOURCE: MEDICARE.GOV.
3. Automatically re-enroll every year
Another easy mistake to make is to allow yourself to be automatically re-enrolled in your PDP each year. It’s simple, and you don’t have to lift a finger — but it could be costing you more than you realize.Prescription drug plans under original Medicare are offered by private insurers that have the liberty to tweak their coverage and premium costs each and every year. The plan that was the best value for you in 2016, and offered the most coverage for your specialty medications, may not be the best value in 2017.
Seniors who are enrolled in a Part D plan through Medicare need to take time each year to research which plans meet their drug coverage needs while also keeping in mind that the cheapest plan may not be the bestvalue. The cost and coverage information on a Part D plan is usually published on Oct. 1 of each year, giving consumers two weeks of research time before open enrollment for Part D kicks off on Oct. 15. Take the time to look around, and it’ll be well worth it for your health — and the health of your pocketbook.
The Medicare process can be quite confusing and frustrating. It does not have to be that way. Just call Allen Heffler, CLU, ChFC at (215) 658-1776. He will answer any and all your questions and give you all the professional guidance you need.
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