Part D Prescription Drugs: Warning! Don't make the same mistake I did!
Being lucky to have extremely good health, when I enrolled in Medicare, I did not enroll in the part D Prescription Drug coverage. I hadn't needed any prescriptions since I was a young child and in trying to save dollars decided not to enroll in part D at that time. I read that I would be penalized for not enrolling in part D at the same time I enrolled in Medicare, but thought to myself: hmm, OK when the time comes I'll pay the penalty and be done with it.
But that was my mistake! It's not a one-time penalty! It's an ongoing once a month penalty that increases with the annual basic part D expense. You are penalized 1% per month for each month that you weren't covered after your initial Medicare enrollment.