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Know Your True Prescription Costs
Transitioning from your current insurance to Medicare? Don't leave your prescription costs to chance.
Medicare Part D is the prescription drug coverage portion of Medicare. It helps cover the cost of outpatient prescription drugs and is offered by private insurance companies approved by Medicare. Understanding Part D is essential for managing your medication expenses during retirement.
If you don't sign up for Medicare Part D when you're first eligible (typically at age 65), you may have to pay a permanent late enrollment penalty if you join later.
The penalty is simple: For each month you delay enrollment after turning 65, you pay an extra 1% of the national base beneficiary premium ($34.70 in 2024). This penalty is added to your monthly premium permanently.