People With Medicare
Why does it matter if my current plan is as good as the Medicare Prescription Drug Coverage?
If you stay with your current plan AND
Your current plan is not as good as the Medicare Prescription Drug Coverage:
- You may pay less for your drugs if you join a Medicare Prescription Drug Plan.
- If you have not yet joined a Medicare plan:
- You will probably have to pay a higher premium for your Medicare Prescription Drug Plan. (See Penalty for Enrolling Later). If you would like to join a Medicare drug plan, consider joining during the next annual enrollment period, from October 15 to December 7. This way, you will pay a smaller penalty.
If your current plan is as good as what Medicare is offering:
- You will want to compare your current policy with the Medicare Prescription Drug Plans in your area. The plans may cover different drugs and have very different costs - premiums, deductibles, copays and coinsurance.
- You will not have to pay a higher premium if you switch to a Medicare Prescription Drug Plan in the future. (See Penalty for Enrolling Later)