Do I Need Prescription Drug Coverage?


Different tier levels of medications require the need for prescription drug coverage.

Do I really need prescription drug coverage?

Do I really need prescription drug coverage?

“I don’t need prescription drug coverage because I don’t take any medications!” “I get my medications cheaper without a plan!” “Why do I need to pay extra money if I have GoodRx?” There are many replies you may tell yourself as to why not getting adequate coverage has worked for you or why you have delayed getting a plan for so long. Inflation is a topic we hear in the news every day. With costs going higher and higher, it can be easy to want to save a penny where you can. Unfortunately, your prescription drug plan is necessary. It will help you if you need medications and also avoid financial ruin in the long run.

A prescription drug plan intends to help you plan for the future. If you are currently not taking any medications, you should be very happy with yourself! But just because you have not needed it yet does not mean you will not need something further down the road. The most expensive medications can cost thousands of dollars and leave you in a worse financial position than you were had you prepared with adequate coverage. Insurance exists for the “Justin” moments of life. You get coverage just in case you need it.

You must also deal with a penalty for not selecting coverage when you are first eligible. Why the penalty? Since some people wait to purchase a prescription drug plan until they need it, the number of people subsidized by the plan decreases, and thus everyone ends up paying the price for the medications. Do yourself and your wallet a favor and get the coverage before you need it.

While many prescription drug plan discount programs are available, the best bet is to elect coverage from a private insurance carrier and get yourself covered to avoid penalties. A prescription drug plan is essential when you need medications that cost hundreds of dollars and protect you from dealing with serious financial consequences due to lack thereof. Do yourself a favor and look at what options you have open to you to prevent any unnecessary costs from ruining your budget. In the future, new laws and regulations will also help lower your costs. You can read more about that here.

Got Medicare Questions?

We hope that this information on prescription drug coverage is useful to you.

Let us help you answer your questions so that you can get back to the activities that you enjoy the most.

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About Jose Lerma

Jose has been a career agent working with Empower Brokerage since 2021 helping clients from all walks of life find tailored solutions for their healthcare needs. He is passionate about helping people fulfill their dreams and helping clients live a more empowered existence. 

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