Who thought retirement would be boring. It turns out it’s a full time job educating yourself and re-educating yourself every year just to make sure you have the coverage you need because it’s a moving target every year. Oh, to have only been born in Winnipeg.
The donut hole really makes me angry. If you're already paying a monthly premium, the donut hole seems cruel. Especially, if it is a life saving medication.
Thank you for this video. I'm retiring in 6 months and doing my research now to make the best decisions. I hadn't understood Part D until I watched this video. It was extremely helpful.
We’re close to retirement, but I’m also afraid I’ll never be able to retire. My husband has many health issues and takes a lot of meds. So we will either wipe out our retirement savings paying for meds or coverage or I’ll need to continue to work and put him on my employer insurance. Thanks for the info.
The part I don’t like is I have to have part D even though I don’t take any medications. Because if I don’t they will punish me down the line if something happens to me and I do need them. So l pay monthly for no reason at all.
Do you have insurance on your home? I'm guessing that its never burned down? But if it does you aint getting insurance after the fact right? Same concept here. You dont have a serious illness now...(like cancer), but that could appear "all of a sudden" and then you had BETTER have Rx insurance because cancer drugs like Revlimid cost about $7000 per MONTH. Not a financial risk you should not want to take as opposed to maybe $30/month for Plan D now.
@@Schad501 Wrong. Do you have insurance on your home? I'm guessing that its never burned down? But if it does you aint getting insurance after the fact right? Same concept here. You dont have a serious illness now...(like cancer), but that could appear "all of a sudden" and then you had BETTER have Rx insurance because cancer drugs like Revlimid cost about $7000 per MONTH. Not a financial risk you should not want to take as opposed to maybe $30/month for Plan D now.
@@steveludwig4200 good point but you’re not penalized if you don’t have a drug plan when you’re not on Medicare. On Medicare if you wait to get a drug plan they penalize you
@@johnurban7333 "Medicare: is not penalizing anybody for being on a drug plan because its controlled by the insurance carrier. I dont understand what you are talking about.
Can you clarify. At 5:12 you mention that once you are on part D you will pay the full negotiated price of the drug. Then at 6:29 you mention that when you are in the donut hole you will pay the full retail price. Is that true? If you are on the Part D plan shouldn't you always only pay a negotiated price and not full retail donut hole or not? Further, in general, how much lower is the negotiated price of the medication versus full retail - 25%, 50%, 75%?
Thank.for information on part D. I only have Medicare part A and I am 66 years old about to retire so do I go to my local social security office to sign up for Medicare B C and D if there is a E and F Thank you for your advice.
Give us a call! My service is free and this is exactly what we help people with. You can sign up for Part B through social security, but not Parts C or D or Medigap. That’s what we help with. 888-465-9728.
I still work and my wife has been blind for years now. I have been paying for our insurance at work for both of us and its been working fine. Now I'm considering retiring at the end of the year. She has been in SSD since she was in her late 50's. I will be taking work retirement insurance @ 62. I will be rollling her over to B,D,N. Any penalties? She will turn 63 in Sept. Thank you for your response. Will call you when ready for this change.
If you miss your 7 month initial enrollment period, and you go more than 63 days without creditable Part D coverage, that is when the clock starts ticking on your Part D penalty.
Does one have to maintain Part D? I do not use mine due to the fact that I can get cheaper prices through Good Rx and so forth? If I let it lapse can I reinstate at any point if I want to? Have had it about 11 years.
I believe if you let it lapse and go to resign for it you’ll be charged “penalties “ and a higher premium forever. My parents didn’t sign up for D when it started and when I tried to sign my dad up many years later I was told he owed over $3000 plus his premium would be over $100/mo. (Didn’t do it)
Do you have insurance on your home? I'm guessing that its never burned down? But if it does you aint getting insurance after the fact right? Same concept here. You dont have a serious illness now...(like cancer), but that could appear "all of a sudden" and then you had BETTER have Rx insurance because cancer drugs like Revlimid cost about $7000 per MONTH. Not a financial risk you should not want to take as opposed to maybe $30/month for Plan D now.
How is Part D billed? I currently don’t use any prescriptions. I am quickly approaching 65. What I don’t have clarity on is will I get a separate bill for Medicare Part D? I understand I will be billed quarterly for Parts A and B, will Part D be in that bill as well? Social Security won’t be applied for for another year and a half.
You will have to enroll in a Part D plan through a Private insurance carrier (not directly through the government) and you will pay that carrier directly.
Do I understand correctly that Medicare Part D is NOT absolutely mandatory? And, that I can enroll in a separate standalone RX Plan from someone like United Healthcare?
Part D is not mandatory but you will face penalties if you go without it and then wish to enroll in Part D later on. You can get Part D through either a stand alone drug plan through a private insurance company, or through a Medicare Advantage plan that includes Part D drug coverage.
Hello, nice and informative video. I now have Medicare Part A and plan to enroll in Medicare B and carry my FEHB into retirement by end of the year. Do I need Medicare Part D?
Another great video! Due to poor Customer Service, I'm planning on switching away from my current Plan D provider. In addition to signing up for the new plan during the next open enrollment period, do I also need to somehow terminate my current Plan D provider, or will that happen automatically?
Totally automatic. I have done this many times and once you choose the new plan during open enrollment the old plan terminates effective 11:59 on 12/31.
Help ! In regular original midi are - Can I get part d - just to avoid the “penalty” but Not use it at all. Since they do not cover the medicine I use right now - I will have to continue to pay ‘ self pay.’ For now . Is that fine and ‘ legal - to just to have the part d For safe keeping - for down the road - while I continue to just do self pay for all my medications for now ?. Thank you - if you can tell me if that’s legal and fine to do
I'm on Part D and have been for years (I'm 86). For most medicines, this works fine. I do come across a few instances where Good Rx has such a significantly lower cost than my plan after insurance, that I've made the switch for that medication. And it is never at my plan's pharmacy. My confusion comes from how the Good Rx plan can possibly do that. In one approximate example, my plan says the "retail price" is $500 and their price is $250. But I found a Good Rx plan for the same drug at say $50 at another pharmacy. I can understand the economics of my plan's pharmacy, but with the Good Rx plan, the only money from any source for that drug is my $50. How is this possible, and who benefits financially?
Make sure you are comparing apples to apples or generics to generics. Name brand drugs are always more expensive- you might be saying the name brand like Crestor but the generic equivalent is Rosuvastatin. Physicians will always prescribe the generic equivalent unless for some reason the generic does not work for you. Also, some insurers have arrangements with certain drug manufacturers that can offer a generic drug for less than other plans. Lastly, Good Rx makes its money from advertising and how many users they have. The more users the more advertising they can generate.
Thanks for your informative videos! I have a question regarding Part D and underwriting. Namely, is Part D ever subject to medical underwriting? I’m in the process of getting Medicare and a Medigap N policy. Because I’m on no medications now, I don’t need a part D plan. However, my concern is that if I get some disease in the future that requires some expensive medication, I won’t be able to get a part D plan at that point because of underwriting and/or because at that point I’ll have that disease as a preexisting condition. I realize that for every month I don’t sign up for Part D from the time I’m eligible that my premium is higher by 1% (as calculated off of the national base beneficiary premium). I am comfortable taking on that risk. But do I need to be concerned about any underwriting/ preexisting condition risk as well? I know there are inexpensive Part D plans that I can sign up for that would eliminate both these risks, but for some number of years in the foreseeable future, I would have IRMAA Part D "premiums" to pay, so even an inexpensive plan would not be that inexpensive. Assuming there is no underwriting/preexisiting condition risk, then eventually, when I do want to sign up for Part D for the first time, can I do so at any time, or can I do so only during certain times of the year? I know you mentioned that to switch Part D plans you have to wait until the annual election period, but is that true if you're signing up for part D for the first time, even if it's several years after you're first eligible?
Medicare Part D does NOT require medical underwriting. However, unless you have a “special enrollment” reason, if you have delayed Part D enrollment then you have to wait until the Annual Election Period to enroll in a Part D plan (between Oct.15-Dec.7 with coverage starting Jan 1st). I hope this helps!
Stephanie. On this same line of questions…if you have been on Part D for a couple years and see GoodRX can benefit you financially can you drop your coverage for Part D with the ability to start it again down the road with no penalties? Thank you!
I have a question. My mom enrolled for Part B because she is going to retire in two weeks. Her effective date is 02/01/24. Can I enroll her in a Medicare Advantage plan now, or do I have to wait for the 1st?
I will enroll in Medicare A /B and D this year before my Fall Birthday. Last year I enrolled my lovely wife in Medicare Part A only since she turned 65 before me; and as before she is still covered under my global companys insurance. Question is. I have the letter of coverage for 2022; and for 2023 as her proof to avoid a penalty, But do I need from CMS-L564 or CMS-408 filled out? Since I am turning 65 and will enroll during my Enrollment period and at the same time enroll my wife for Part B/D etc..., is that correct? Many thanks
If you are enrolling in your initial enrollment period when you turn 65 then you do NOT need these forms. But your wife will, when she wants to add Part B. Hope this helps!
Part A + Part B - Part C x Part D = a donut hole + cup of coffee / Part E = • Part F and G -/& Equals a baseball cap total bill for you is $$$$$$$$$$$ your life’s savings. Welcome to the government world 😮
Contact Medicare directly. Everyone’s situation is different. You’ll get the best answers by calling directly just like you call social security directly, etc and / your state benefits offices. No offense to this video I’m sure it helps some people.
Unfortunately, information you receive from government agencies can be incorrect. Social security in particular may be well informed on ss issues but for medicare, not so much. They are only involved to get you signed up and to make sure $ comes out of ss check. Best to know as much as possible before calling government agencies...
Who thought retirement would be boring. It turns out it’s a full time job educating yourself and re-educating yourself every year just to make sure you have the coverage you need because it’s a moving target every year. Oh, to have only been born in Winnipeg.
The donut hole really makes me angry. If you're already paying a monthly premium, the donut hole seems cruel. Especially, if it is a life saving medication.
Thank you for this video. I'm retiring in 6 months and doing my research now to make the best decisions. I hadn't understood Part D until I watched this video. It was extremely helpful.
Glad it was helpful!
Nice presentation. Now I have even more questions!
I must be learning!
Would you ever consider doing a video about your top 5 carriers or a carrier video review series? Thank you
Great idea!
Does part d cover heart drugs and chemotherapy?
We’re close to retirement, but I’m also afraid I’ll never be able to retire. My husband has many health issues and takes a lot of meds. So we will either wipe out our retirement savings paying for meds or coverage or I’ll need to continue to work and put him on my employer insurance. Thanks for the info.
Thank you, this was an excellent review of Medicare D and really, really helped me!!
I'm so glad!
The part I don’t like is I have to have part D even though I don’t take any medications. Because if I don’t they will punish me down the line if something happens to me and I do need them. So l pay monthly for no reason at all.
Yeah, that's how insurance works.
Do you have insurance on your home? I'm guessing that its never burned down? But if it does you aint getting insurance after the fact right? Same concept here. You dont have a serious illness now...(like cancer), but that could appear "all of a sudden" and then you had BETTER have Rx insurance because cancer drugs like Revlimid cost about $7000 per MONTH. Not a financial risk you should not want to take as opposed to maybe $30/month for Plan D now.
@@Schad501 Wrong. Do you have insurance on your home? I'm guessing that its never burned down? But if it does you aint getting insurance after the fact right? Same concept here. You dont have a serious illness now...(like cancer), but that could appear "all of a sudden" and then you had BETTER have Rx insurance because cancer drugs like Revlimid cost about $7000 per MONTH. Not a financial risk you should not want to take as opposed to maybe $30/month for Plan D now.
@@steveludwig4200 good point but you’re not penalized if you don’t have a drug plan when you’re not on Medicare. On Medicare if you wait to get a drug plan they penalize you
@@johnurban7333 "Medicare: is not penalizing anybody for being on a drug plan because its controlled by the insurance carrier. I dont understand what you are talking about.
To say this is beyond disheartening would be an understatement. Growing old in America is a joke.
It’s important to take care of yourself earlier in life, as to mitigate any risks of bad health outcomes.
@@misterhot9163Are you talking like back to the future?
@@misterhot9163it’s not that simple. Many people follow all the rules and get an illness anyway.
@@misterhot9163some diseases are not from what you did in early in life. That’s just plain ignorant.
@@Trish92223 read my comment again, stressing “mitigate”.
Can you clarify. At 5:12 you mention that once you are on part D you will pay the full negotiated price of the drug. Then at 6:29 you mention that when you are in the donut hole you will pay the full retail price. Is that true? If you are on the Part D plan shouldn't you always only pay a negotiated price and not full retail donut hole or not? Further, in general, how much lower is the negotiated price of the medication versus full retail - 25%, 50%, 75%?
Thank.for information on part D. I only have Medicare part A and I am 66 years old about to retire so do I go to my local social security office to sign up for Medicare B C and D if there is a E and F Thank you for your advice.
Give us a call! My service is free and this is exactly what we help people with. You can sign up for Part B through social security, but not Parts C or D or Medigap. That’s what we help with. 888-465-9728.
@@AbtInsuranceAgency okay Thank you
This was helpful.Thank you!
You're welcome!
I still work and my wife has been blind for years now. I have been paying for our insurance at work for both of us and its been working fine. Now I'm considering retiring at the end of the year. She has been in SSD since she was in her late 50's. I will be taking work retirement insurance @ 62. I will be rollling her over to B,D,N. Any penalties? She will turn 63 in Sept. Thank you for your response. Will call you when ready for this change.
How much time, after the 7-month Medicare enrollment period, does one have to enroll in Part D before a penalty is incurred? Thanks.
If you miss your 7 month initial enrollment period, and you go more than 63 days without creditable Part D coverage, that is when the clock starts ticking on your Part D penalty.
@@AbtInsuranceAgency Thank you. I think you are amazing!
Great video ... thanks ❤️
Does one have to maintain Part D? I do not use mine due to the fact that I can get cheaper prices through Good Rx and so forth? If I let it lapse can I reinstate at any point if I want to? Have had it about 11 years.
I believe if you let it lapse and go to resign for it you’ll be charged “penalties “ and a higher premium forever. My parents didn’t sign up for D when it started and when I tried to sign my dad up many years later I was told he owed over $3000 plus his premium would be over $100/mo. (Didn’t do it)
Do you have insurance on your home? I'm guessing that its never burned down? But if it does you aint getting insurance after the fact right? Same concept here. You dont have a serious illness now...(like cancer), but that could appear "all of a sudden" and then you had BETTER have Rx insurance because cancer drugs like Revlimid cost about $7000 per MONTH. Not a financial risk you should not want to take as opposed to maybe $30/month for Plan D now.
Where is the link to the upcoming changes?
Added in video description!
Is their any type of gap coverage for Part D for copays and stuff like that?
Thank you❗️👍
How is Part D billed? I currently don’t use any prescriptions. I am quickly approaching 65. What I don’t have clarity on is will I get a separate bill for Medicare Part D? I understand I will be billed quarterly for Parts A and B, will Part D be in that bill as well? Social Security won’t be applied for for another year and a half.
You will have to enroll in a Part D plan through a Private insurance carrier (not directly through the government) and you will pay that carrier directly.
Do I understand correctly that Medicare Part D is NOT absolutely mandatory? And, that I can enroll in a separate standalone RX Plan from someone like United Healthcare?
Part D is not mandatory but you will face penalties if you go without it and then wish to enroll in Part D later on. You can get Part D through either a stand alone drug plan through a private insurance company, or through a Medicare Advantage plan that includes Part D drug coverage.
Hello, nice and informative video. I now have Medicare Part A and plan to enroll in Medicare B and carry my FEHB into retirement by end of the year. Do I need Medicare Part D?
Another great video! Due to poor Customer Service, I'm planning on switching away from my current Plan D provider. In addition to signing up for the new plan during the next open enrollment period, do I also need to somehow terminate my current Plan D provider, or will that happen automatically?
Great question! Medicare only gives you one “slot” for part D coverage, so enrolling in a new plan will automatically cancel out the old one.
Totally automatic. I have done this many times and once you choose the new plan during open enrollment the old plan terminates effective 11:59 on 12/31.
Help ! In regular original midi are - Can I get part d - just to avoid the “penalty” but Not use it at all. Since they do not cover the medicine I use right now - I will have to continue to pay ‘ self pay.’ For now . Is that fine and ‘ legal - to just to have the part d For safe keeping - for down the road - while I continue to just do self pay for all my medications for now ?. Thank you - if you can tell me if that’s legal and fine to do
If my advantage plan covers medications do I need Part D?
Many Medicare Advantage Plans include Part D Rx coverage. If your plan does, then you do not need (and cannot buy) a stand alone Part D drug plan!
@@AbtInsuranceAgency Thanks
I'm on Part D and have been for years (I'm 86). For most medicines, this works fine. I do come across a few instances where Good Rx has such a significantly lower cost than my plan after insurance, that I've made the switch for that medication. And it is never at my plan's pharmacy.
My confusion comes from how the Good Rx plan can possibly do that. In one approximate example, my plan says the "retail price" is $500 and their price is $250. But I found a Good Rx plan for the same drug at say $50 at another pharmacy. I can understand the economics of my plan's pharmacy, but with the Good Rx plan, the only money from any source for that drug is my $50. How is this possible, and who benefits financially?
Make sure you are comparing apples to apples or generics to generics. Name brand drugs are always more expensive- you might be saying the name brand like Crestor but the generic equivalent is Rosuvastatin. Physicians will always prescribe the generic equivalent unless for some reason the generic does not work for you.
Also, some insurers have arrangements with certain drug manufacturers that can offer a generic drug for less than other plans. Lastly, Good Rx makes its money from advertising and how many users they have. The more users the more advertising they can generate.
Thanks✅
Thanks for your informative videos!
I have a question regarding Part D and underwriting. Namely, is Part D ever subject to medical underwriting?
I’m in the process of getting Medicare and a Medigap N policy. Because I’m on no medications now, I don’t need a part D plan. However, my concern is that if I get some disease in the future that requires some expensive medication, I won’t be able to get a part D plan at that point because of underwriting and/or because at that point I’ll have that disease as a preexisting condition.
I realize that for every month I don’t sign up for Part D from the time I’m eligible that my premium is higher by 1% (as calculated off of the national base beneficiary premium). I am comfortable taking on that risk. But do I need to be concerned about any underwriting/ preexisting condition risk as well? I know there are inexpensive Part D plans that I can sign up for that would eliminate both these risks, but for some number of years in the foreseeable future, I would have IRMAA Part D "premiums" to pay, so even an inexpensive plan would not be that inexpensive.
Assuming there is no underwriting/preexisiting condition risk, then eventually, when I do want to sign up for Part D for the first time, can I do so at any time, or can I do so only during certain times of the year? I know you mentioned that to switch Part D plans you have to wait until the annual election period, but is that true if you're signing up for part D for the first time, even if it's several years after you're first eligible?
Medicare Part D does NOT require medical underwriting. However, unless you have a “special enrollment” reason, if you have delayed Part D enrollment then you have to wait until the Annual Election Period to enroll in a Part D plan (between Oct.15-Dec.7 with coverage starting Jan 1st). I hope this helps!
Thanks so much!
Is it OK if I don't want Medicare Part D? Just Part A and B?
Sure! But important to know you will be penalized if you decide to enroll in Part D later on and you haven’t had creditable coverage.
Stephanie. On this same line of questions…if you have been on Part D for a couple years and see GoodRX can benefit you financially can you drop your coverage for Part D with the ability to start it again down the road with no penalties? Thank you!
@@douggracy2909 no, you will be penalized for each month you went without creditable drug coverage if you decide to re enroll in Part D.
Thanks! I should have known!! 😂
Insurance companies want to make big profits on your good, healthy no drug months. Every single one of those months
My medication is 17,500.00 per month! What am I to do?
I have a question. My mom enrolled for Part B because she is going to retire in two weeks. Her effective date is 02/01/24. Can I enroll her in a Medicare Advantage plan now, or do I have to wait for the 1st?
You should do it now - we can help. 888-465-9728
I will enroll in Medicare A /B and D this year before my Fall Birthday. Last year I enrolled my lovely wife in Medicare Part A only since she turned 65 before me; and as before she is still covered under my global companys insurance. Question is. I have the letter of coverage for 2022; and for 2023 as her proof to avoid a penalty, But do I need from CMS-L564 or CMS-408 filled out? Since I am turning 65 and will enroll during my Enrollment period and at the same time enroll my wife for Part B/D etc..., is that correct? Many thanks
If you are enrolling in your initial enrollment period when you turn 65 then you do NOT need these forms. But your wife will, when she wants to add Part B. Hope this helps!
thank you for the information. You are wonderful.
What does D cost folks???
In 2024 plans start at $0/month!
Part A + Part B - Part C x Part D = a donut hole + cup of coffee / Part E = • Part F and G -/& Equals a baseball cap total bill for you is $$$$$$$$$$$ your life’s savings.
Welcome to the government world 😮
Contact Medicare directly. Everyone’s situation is different. You’ll get the best answers by calling directly just like you call social security directly, etc and / your state benefits offices. No offense to this video I’m sure it helps some people.
Unfortunately, information you receive from government agencies can be incorrect. Social security in particular may be well informed on ss issues but for medicare, not so much. They are only involved to get you signed up and to make sure $ comes out of ss check. Best to know as much as possible before calling government agencies...
Between Trump and Medicare, Im ashamed to be an American....
Is it possible that Medigap Part G is not offered in the entire state of Nevada? I'm not finding any information on it.
Give us a call! Plan G is offered all throughout your state. 888-465-9727 or email stephanie@abtinsuranceagency.com
@@AbtInsuranceAgency I will email you! Thank you!
@@siriusgd4753 great!