Keep in mind
• Medicare beneficiaries with low incomes and few assets may qualify for the federal Extra Help program, which helps pay for Part D premiums, deductibles and copayments. You can also contact your State Health Insurance Assistance Program (SHIP) to find out about additional financial assistance.
• If you don’t have other drug coverage considered to be at least as good as Part D (what the government calls creditable coverage), you may have to pay a late-enrollment penalty when you sign up. The penalty is 1 percent of the national average Part D premium — in 2022 that’s $33.37 — multiplied by the number of months you went without creditable coverage. It doesn’t sound like much, but it can add up quickly if you’ve gone years without Part D. And you must pay the monthly penalty for as long as you have Part D coverage.