Medicare drug plans help reduce a person’s prescription costs. A person who does not take any medications may feel justified in holding off to join the plan. A person who takes even one should consider joining a Medicare drug plan under Part D as soon as he can do so. If he missed the first enrollment period that occurs after he turns 65, he can wait for the annual open enrollment period that lets him make changes to his coverage. The period occurs at the end of the year.
No one is forcing a person to join such a plan if he does not want to. If a person can easily afford the drugs out-of-pocket, he can probably continuing doing so and feel better about not contributing to a growing problem of spending large sums of money on Medicare. However, a person on Medicare who takes even one prescription drugs will probably need others in the future. The amount of prescription drugs a person takes during the final years of his life cannot be known, although it can be predicted.
The first benefit is knowledge that a person will not go too far into debt to pay for his drugs if he finds himself taking more pills than he can reasonably count. The second benefit is that the premiums for a Medicare drug plan and the co-pays usually cost less than a person paying for a few prescription drugs out-of-pocket. The last sentence is a generalization and is not always true. Sometimes a person has to run the numbers to determine if there’s a benefit. Buying a Medicare prescription drug plan is a good option for short-term planning.