Teri Koff, LCSW, CMC
Aging Life Care Consultant
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Medicare
 Resources for Older Adults
   
 

 

How are you planning to pay for retirement? (Will your Social security, pension and savings / investment income cover expenses?)

 

 

Do you have adequate insurance coverage? (Health care, Long-term care and Life insurance to match your needs?)

 

 

lAre you aware of the high cost of elder care?
 
(Home care services, nursing home and medication costs)

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Medicare Prescription Drug Plan D:

 **** ALL MEDICARE RECIPIENTS should review their policy annually and make appropriate changes during the open enrollment period.

What is Medicare prescription drug coverage?
Medicare prescription drug coverage is insurance that covers both brand-name and generic prescription drugs at participating pharmacies in your area. Medicare prescription drug coverage provides protection for people who have very high drug costs or from unexpected prescription drug bills in the future.
 

Who can get Medicare prescription drug coverage?
Everyone with Medicare is eligible for this coverage, regardless of income and resources, health status, or current prescription expenses.
 

When can I get Medicare prescription drug coverage?
You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments. If you don't sign up when you are first eligible, you may pay a penalty. The next open enrollment opportunity will be from October 15, 2016 to December 7, 2016.   

You can make changes to your Medicare Advantage and Medicare D prescription drug coverage when certain events happen in your life, such as if you move or you lose other insurance coverage. These chances to make changes are called Special Enrollment Periods (SEPs). Rules about when you can make changes and the type of changes you can make are different for each SEP. These chances to make changes are in addition to the regular enrollment periods that happen each year.

How does Medicare prescription drug coverage work?
Your decision about Medicare prescription drug coverage depends on the kind of health care coverage you have now. There are two ways to get Medicare prescription drug coverage. You can join a Medicare prescription drug plan or you can join a Medicare Advantage Plan or other Medicare Health Plan that offers drug coverage.

Whatever plan you choose, Medicare drug coverage will help you by covering brand-name and generic drugs at pharmacies that are convenient for you. 

Like other insurance, if you join, generally you will pay a monthly premium, which varies by plan, and a yearly deductible. You will also pay a part of the cost of your prescriptions, including a copayment or coinsurance. Costs will vary depending on which drug plan you choose. Some plans may offer more coverage and additional drugs for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay a premium or deductible. You can apply or get more information about the extra help by calling Social Security at 1-800-772-1213 (TTY 1-800-325-0778).
 

Why should I get Medicare prescription drug coverage?
Medicare prescription drug coverage provides greater peace of mind by protecting you from unexpected drug expenses. Even if you don't use a lot of prescription drugs now, you should still consider joining. As we age, most people need prescription drugs to stay healthy. For most people, joining now means protection from unexpected prescription drug bills in the future.
 

 
Medicare
www.medicare.gov
 
 
Social Security Administration
http://www.ssa.gov/prescriptionhelp
 
 
 
Medicare Rights Center
www.medicareinteractive.org
 
Retirement
 
Financial Planner Steven A. Ludsin, Esq.
Ludsin@gmail.com

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