Insuring your health and wellness

Prescription Drug Plans

Medicare Part D helps cover the costs of prescription drugs, which are an essential part of healthcare. Community Connections Insurance Group offers Prescription Drug Plans as a service to our clients. With rising costs of prescription drugs, having a plan in place can greatly alleviate financial burden and ensure access to necessary medications. These plans are designed to provide coverage for the cost of prescription medications, making it easier for individuals and families to afford the medications they need.
Work with a Community Connections Agent to find the right prescription drug plan for you.

Why You May Need a Prescription Drug Plan

Higher Costs

The cost of prescription medications can be high, and without coverage, it can be difficult for individuals and families to afford the medications they need.

More Affordable

Prescription Drug Plans can help lower the cost of medications, making it more affordable for individuals and families to get the care they need.

Medicare Part D Late Enrollment Penalty

If you’re joining Original Medicare, you may wonder if you need Medicare Part D for prescription drug coverage. Part D provides coverage for your prescription drugs under Medicare, with a monthly premium fee. If you don’t take many medications or your drug costs are low, the coverage may seem like an unnecessary expense.
However, avoiding Part D coverage could result in a late enrollment penalty, which can be costly. If you suddenly get sick and need coverage for medications, you may find yourself without insurance and face a higher monthly expense due to the late enrollment penalty, which increases over time and never goes away. Hence, it’s important to consider Medicare Part D coverage before making a decision.

What is the Medicare Part D Late Enrollment Penalty?

The late enrollment penalty for Medicare Part D is an extra cost added to the monthly premium. It’s calculated based on the average national premium for the current year and is equal to 1% of that average for each month without creditable drug coverage. The purpose of the penalty is to encourage people to enroll in Medicare Part D if they don’t have drug coverage that’s as good as the Medicare plan.
When you become eligible for Medicare, you have an Initial Enrollment Period to sign up for Original Medicare. After that, you can enroll in Medicare Part D. If you turn 65, your enrollment period starts three months before your birth month and ends three months after it. To avoid the Medicare Part D penalty, you must enroll in a prescription drug plan during this time if you don’t have creditable coverage.

If you go without one of the following drug plans for 63 days or more after your Initial Enrollment Period, you will be charged the Medicare Part D late penalty:

Drug plans that are considered creditable include:

Is There a Medicare Part D Penalty Under 65?

If you’re eligible for Medicare due to disability and delay enrolling in Medicare Part D, you will face the late enrollment penalty if you later pick up the coverage before age 65. To avoid this, it’s important to be aware of your Medicare eligibility, know your effective date for Medicare Part A, and enroll in Medicare Part D as soon as possible. Note that being under 65 does not exempt you from late enrollment penalties. If you don’t have creditable medical or drug coverage, you will need to pay penalties for Medicare Part B and Part D, respectively. Hence, it’s important not to delay your enrollment. However, once you turn 65, any penalties incurred will be waived, giving you a fresh start. You will also have another opportunity to enroll in Medicare Part D without facing future penalties.

Medicare Part D Late Enrollment Penalty Calculator

The Medicare Part D penalty is calculated based on the number of months that you were eligible for Original Medicare without creditable prescription drug coverage. You will incur a monthly penalty of 1% of the current average cost of Medicare Part D, or the national base beneficiary premium, for each month without creditable coverage.
This means that you will pay both your regular Medicare Part D premium and the additional monthly penalty charges. The most effective way to avoid the Medicare Part D penalty is to enroll in a prescription drug plan as soon as you become eligible for Medicare.

Medicare Part D Penalty Appeal

If you are responsible for the Medicare Part D penalty, you can appeal the decision. All you must do is complete a reconsideration request form. This form is available on CMS.gov.

Additionally, if you qualify for Extra help, you may be eligible for Medicare Part D penalty assistance. Some lower-income beneficiaries have the penalty waived altogether. You can contact Social Security to apply for Medicare Extra Help.

Lets Get Started

Contact a Community Connections Insurance broker to learn more about our Prescription Drug Plans and to find the right plan for you and your family.

Do You Believe You'd Benefit from A Prescription Drug Plan?

To find the best plan for your needs and budget, please contact us to schedule a consultation.

Our knowledgeable and friendly representatives will work with you to find the right coverage for you. Don’t let the cost of prescription drugs hold you back from getting the treatment you need. Contact Community Connections Insurance broker today to learn more about our Prescription Drug Plans.