Even if you take no drugs, it’s a good idea to sign up for a Part D policy at the time you sign up for Medicare. This is because if you miss the window when you first become eligible, you’ll only be able to sign up during an “Open Enrollment Period” – mid-October through mid-December – AND you’ll be charged a penalty for each month you go without “credible” prescription drug coverage (that is, Part D or an approved employer-provided plan).
For example, if you delay signing up for a Part D policy and five years later find yourself needing costly drugs in April, you’ll have to wait until January of the following year to receive benefits, and your monthly premium will forever include a penalty based on the number of months you were without coverage.
Part D plans offered within a county may vary greatly: in premium, deductible, copays, and formulary tiers. Medicare’s website provides a calculator to help you chose the least costly plan based on what medications you use. Of course, if you suddenly require other medications, the calculation will change. Fortunately, you can change Part D plans once a year during Open Enrollment. Your local SHIP can provide further assistance.