Prescription Drug Coverage for Retirees

[Mary Trabert]

 

Prescription Drug Coverage for Retirees

 

Since so many people are confused about Medicare’s new prescription drug benefit, I’ll be sending periodic tips and updates.

 

If you are helping a friend or family member investigate alternatives, first ask if they have prescription drug benefits through a former employer.  If they have existing drug coverage through a retirement plan (whether private, state, or federal), it is likely that they should stay with that coverage. By now they should have received a letter from their insurance carrier stating whether their coverage is as good or better than the minimum prescription drug benefit required under Medicare.  ADVISE THEM TO KEEP THAT LETTER. If for some reason they lose their prescription drug coverage in the future, that letter states that they have had “creditable coverage” and they will not be subject to the increased premium penalty for late enrollment in Medicare’s prescription drug program.

 

If you have additional questions about Medicare’s prescription drug coverage, I recommend that you contact your local Senior Health Insurance Information Program counselors.  Toll-free contact information by state can be found at www.shiipusa.org/Find_a_State_SHIIP.html.

 

Linking you with helpful caregiving resources and wishing you a wonderful week!

Mary Trabert
Co-author, The Portable Caregiver: 8 Essential Guidebooks for Elder Care

 

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