What is Medicare Part D?
Medicare Part D is a prescription plan that will help you to get lower priced medications.
In 2012, there were 32 million people enrolled in Part D.
Medicare Part D Premiums
Most people pay for this coverage by a premium averaging $40/month ($480/year).
Not all Medicare part D plans are alike and some will cover medications that other types of Part D plans will not cover. THIS is the confusing part!
You will select the coverage for yourself that best suits your needs for prescription coverage... not simply what your spouse takes, or your neighbor.
If you don't take Medicare Part D when its first offered at age 65 – BEWARE, you will pay higher lifetime premiums if and when you do take it. If you get employer-paid health care as part of your insurances, be sure to check with them -- sometimes if you enroll in Medicare Part D, you could lose their coverage... a simple phone call will work.
There are other insurance companies who offer supplemental insurance to you that will help to cover the things that your Medicare insurance does not cover, and one of them may be a wise purchase.
Medicare's Donut Hole for Prescription Costs
When the total retail cost in your prescription drug plan costs reaches $2970 (in 2013), you hit the Donut Hole.
During the donut hole period, you will pay more for your drugs, as follows:
This is true until you pay over a total of $4750 in 2013, then it falls back into place like before.
** Some employer health care plans for retirees cover the donut hole.
In the Jan/Feb 2013 issue of AARP Bulletin, they showed one example of a woman who fell into the donut hole and had to pay $569 per month got Forteo (drug without any generics available) for 4 months. Then the co-pay reverted to the normal $55/month.
Share Your Retirement Issues - Just Click & Write!!
Everyone has a Story - Contribute Your Retirement Story Here.
Help and Be Helped!
Free Retirement Insider Newsletter - stay updated!
Sometimes, a beautiful post makes my heart sing!
Retired: Alone in a Crowded Room
Sometimes your two cents can make a big difference in someone's life! Good Life but Just not Happy.
Retirees Helping Retirees - Thanks to all who Contribute!
|Pre Retirement Advice|
|After Retirement Help|
|Divorce at Retirement|
|Retirement & Money|