Medicare Part D: When is it Not a Good Idea?

We are all looking for a way to save an extra buck, that is, unless you are the heir to some unknown fortune that has left you without a worry.  However, in this day in age we are all looking for a way to scrimp and save our way out of the “poor house”.  One way to do that is to eliminate unnecessary coverage on your insurance, in this case, the question is on Medicare Part D.

Many people are changing the amounts of deductibles with auto insurance and health insurance, while others are eliminating insurance altogether as a cost-cutting measure in difficult economic times.  The problem with that is, what happens if everything changes and you need that coverage tomorrow?  Can you survive without Medicare Part D?

Let’s play the game of “worst-case scenario” for a moment and pretend that you are suddenly diagnosed with cancer tomorrow.  Are you aware that the expensive medications you may have to purchase would be charged to you at full cost without the benefits of Medicare Part D?

Did you know that if you don’t enroll in Medicare Part D right now and you wait until later when the coverage is suddenly necessary that you could have to pay a penalty?  This is not a decision to take lightly, make sure you consider all possibilities when turning down Medicare Part D.

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