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Adam, I don’t take any medications.  I was thinking about not taking out any Medicare Drug coverage.  Do you think this is a good idea?

The simple answer is, no, for a couple of different reasons.  The first reason being that you never know when your health is going to take a turn for the worse.  You don’t buy health insurance for when you are healthy you are buying it for when you are sick.  No one knows when they are going to get sick so you have to be insured BEFORE the illness sets in.  Also, with regard to Part D coverage, you are only allowed to enroll when you first become eligible for Medicare or during the Annual Enrollment Period (AEP).  Outside of these designated times you can not get Medicare Part D coverage.  Most people just assume their ideal health will continue forever but as someone who has spoken to hundreds of people about their health insurance you do NOT want to get stuck paying full price for a name brand medication.  Most medications are daily and become a requirement to stay alive and some of these can be hundreds or thousands of dollars a month.  Part D coverages can be had for less than $15 a month.  Which one would you rather pay?

The other reason to take out a Medicare Part D coverage is because if you don’t do so when you are first eligible then you will be charged a penalty for late enrollment.  The penalty isn’t all that expensive but over time it adds up.  Additionally, you will pay that penalty for as long as you have coverage.  The penalty doesn’t go away.  You pay it forever.  It doesn’t take long for a $15 plan to become a $30 plan because of a $15 penalty.

On the surface it might seem like a good idea to skip a Medicare Part D coverage but that idea could up costing you in the future.  You could be stuck paying full price for an expensive monthly medication or you could be stuck with a permanent penalty.