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From YouTube: Council on Aging PSA - Medicare Prescription Drug Plan
Description
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Let
me
take
just
a
couple
minutes
to
explain
how
Medicare
works.
First
of
all,
it's
important
to
understand
that
Medicare
is
an
insurance
program.
You
can't
buy
homeowners
insurance
when
your
house
is
already
on
fire
or
you
can't
buy
auto
insurance
after
you've
already
had
a
an
automobile
accident.
Well,
it's
the
same
thing
with
health
insurance.
You
can't
buy
health
insurance
when
you're,
sick
or
ready
to
go
into
the
hospital.
So
the
way
the
Medicare
drug
program
works
is
that
you
will
be
able
to
sign
up
for
a
drug
plan.
A
Your
income
or
your
savings
were
within
a
certain
range.
You
would
be
eligible
to
sign
up
for
a
prescription
drug
plan
right
to
work
right
away.
However,
unfortunately,
your
income
and
your
assets
do
not
permit
that
and
you
will
have
to
wait
for
the
annual
election
period
in
in
October
now,
unfortunately,
because
you
have
not
signed
up
for
the
prescription
drug
coverage
when
you
were
first
eligible,
there
is
a
penalty
involved
and
Social
Security
is
going
to
determine
what
that
penalty
is
for
every
month
that
you
do
not
sign
up
for
the
prescription
drug
plan.
A
There
is
a
one-percent
a
month,
cumulative
penalty.
Let
me
give
you
an
example.
If
you
don't
sign
up
for
12
months,
it's
a
12-percent
penalty.
If
you
don't
sign
up
for
24
months,
it's
a
24-percent
penalty
in
unfortunately,
Jan
the
penalty
is
permanent,
you're
not
going
to
be
able
to
get
rid
of
it.
It's.
A
Approximate
you've
been
on
Medicare
approximately
36
months.
Medicare
will
determine
what
the
penalty
is
going
to
be,
but
roughly
it's
going
to
be
about
a
36,
/,
35
or
36
percent
penalty.
That
penalty
is
based
off
of
a
national
average
and
therefore
you
can
expect
the
penalty
will
be
somewhere
around
fifteen
dollars
a
month
that
will
be
added
on
top
of
whatever
drug
plan
premium,
that
you
will
pay.
Okay,.