What are the benefits of enrolling in Original Medicare and adding a Part D plan vs. enrolling in a Medicare Advantage Plan?
With Medicare, you have many opportunities to choose plans that best suit your needs and your budget. Enrolling in Original Medicare (Parts A and B) and then selecting a stand-alone Medicare Part D plan allows you to choose a prescription drug plan that better meets your prescription drug and financial needs. Some plans offer a broader list of covered medications, cost-saving preferred pharmacy networks and/or convenient home delivery.
A Medicare Advantage Plan with prescription drug coverage can offer the convenience of having all your health and prescription coverage bundled under one provider. However, this convenience may result in less choice and less opportunity to ensure the plan meets all your prescription drug needs.
Whichever plan you choose, it’s important to know that if you don’t enroll in Medicare when you become eligible, you may end up paying more down the road. That is because Medicare’s late-enrollment penalties are not a one-time charge but rather, are penalties that can raise your monthly premium(s) for years or possibly for life. Check this article for more information.