You’ve finally left the workforce and are looking forward to some rest and leisure in the retirement phase of your life.
And a big contributing factor to the extent to which you will enjoy your retirement is your health.
For many former employees, the consideration of healthcare didn’t really cross their minds while they were working. The company usually took care of that.
But now that retirement has started, what happens to your healthcare? Are you still able to have access to prescription drugs, which, for many, are vitally important to their overall well-being?
In this article, we will look at different prescription drug plans for retirees, and the benefits of enrolling in one of these plans.
Exactly Who Is Viewed as Retired?
Retirement means different things to different people.
For a CEO who has spent years working at a company, the age of 60 could be considered the start of retirement.
On the other hand, someone who doesn’t have a retirement plan or who simply chooses to continue working past the typical retirement age, may only be retiring at the age of 70.
Nonetheless, in the state of Arizona, the typical retirement age is 65.
What Are Prescription Drug Plans for Retirees?
Prescription drug plans are designed to provide retirees with affordable prescription coverage.
These plans offer many benefits such as lower premiums, free preventive care, no deductible, and low out-of-pocket costs.
A retiree may qualify for a prescription drug plan if they have retired from active employment and meet certain requirements.
Who Should Have One?
Whether you qualify for a prescription drug plan or not is determined by a number of factors, such as your age, your current employment status, and your pre-existing health conditions.
While these requirements differ from plan to plan, here are some general criteria to follow to see if you should consider a prescription drug plan:
- Age 65 or older
- No longer working full time
- Has not been diagnosed with cancer
- Has not had a heart attack, stroke, angina, diabetes, or emphysema
- Has not received treatment for depression
- Has not received chemotherapy
- Has not received radiation therapy
- Has not undergone major surgery
- Does not need dialysis
- Has not been hospitalized for mental illness
- Has not been institutionalized for long periods of time
- Has not been confined to bed due to injury or disease
- Has not been under hospice care
- Has not been receiving home health care
- Has not had any serious medical conditions
If you tick most of these boxes, you should consider enrolling in a prescription drug plan.
Not only will it give you peace of mind knowing that your prescription drug costs are taken care of, but it will also benefit you financially.
What Does a Prescription Drug Plan Cover?
In general, most prescription drug plans cover all brand-name medications, whether chronic or once-off scripts.
However, some prescription drug plans only cover generic medications. Other plans may cover certain types of medications but limit the amount of medication you can use per month.
To find the most accurate answer to this question, it’s best to read the fine print of the plan you are aiming to join.
One such plan is Medicare Part D.
What Is Medicare Part D?
Created in 2003, Medicare Part D is an initiative aimed at helping seniors or retired workers over the age of 65 afford their prescription medication.
Medicare, which is run by the United States Federal Government and is offered in the state of Arizona, offers a variety of healthcare coverage. The coverage specific to retired employees has several advantages.
The plan provides lower premium rates than traditional Medicare and has prescription drug coverage, a vital resource for your retirement.
A bonus of the plan is that they also offer flu shots and mammograms as preventative health coverage.
In addition, the plan covers both brand-name and generic medications, with the added bonus of unlimited prescriptions per month.
There are some drawbacks, however. For example, the plan does not cover over-the-counter (OTC) medications, vitamins, or supplements. It also excludes nonprescription drugs like cough syrup and cold medicine.
For these kinds of medication, you would have to pay cash.
Are You Eligible for a Prescription Drug Plan for Retirees?
If you are thinking about signing up for Medicare Part D, it’s important to understand how enrolment works.
The paperwork alone is a daunting prospect, not to mention understanding the details of each specific plan with its clauses and sub-clauses.
However, here we provide some basic requirements to get you started and ease up some of the confusion.
You must apply for coverage no later than 90 days after turning 65. After you have enrolled, you have 60 days to decide which plan is best for you.
There is a gap between when you’re eligible for Medicare and when you can enroll in a Medicare Advantage plan. This is called an open enrollment period.
Many reasons exist for why individuals don’t enroll in Medicare.
Some people think they meet the age requirements, while others believe they are not eligible before even checking their eligibility status. Others simply neglect this important aspect of retirement, thinking that they will cross that bridge when they get there.
Whatever the reason, make sure you don’t fall into the trap of thinking you won’t be covered by Medicare Part D. You will only know once you do the legwork and find out for yourself.
To help you, here are some tips to help you make sure you enroll correctly.
1) Check your eligibility
Before you even consider whether or not you want to enroll in Medicare, check to see if you meet the eligibility requirements. Do you have any pre-existing conditions that may affect your eligibility? Are you older than 65? Do you need specialized treatment, like dialysis?
These are just some of the questions you may have to answer before successfully enrolling in a prescription drug plan, so be prepared for them.
2) Get help with enrollment
Enrolling in Medicare can be confusing. To assist you with the enrollment process, there are a number of free resources offered by the Centers for Medicare & Medicaid Services.
They provide information on everything, from choosing a plan to understanding what your options are when it comes to health coverage.
What If You’ve Retired Early?
Let’s say you took your retirement package earlier than the typical age of retirement, are you still able to get your prescription drugs without having to fork out hundreds of dollars every month?
In short, the answer is yes. Depending on your age and pre-existing medical conditions.
Medicare, mentioned above, has a tiered system where premiums increase for those under 65, provided you were enrolled in Medicare Part A before.
How Will Joining a Prescription Drug Plan Benefit You?
Retirement is a time when most people look forward to spending more time at home. But, if you don’t have access to affordable medication, then you may find yourself feeling less comfortable in your own home.
When you have prescription drug coverage, you’ll pay a monthly premium, which generally stays the same every month.
With this structured payment plan, you are able to budget better because you won’t have to be concerned about any unexpected expenses disrupting your limited income.
In addition, when you have coverage for prescription drugs, you can rest assured knowing that whatever drugs you need, whether long-term medication or generic drugs, are available to you.
From blood-pressure medication to beta-blockers, you will have coverage for drugs that are important to your health and well-being.
Conclusion
When you retire, irrespective of the age at which you decide to hang up your work boots, it’s important to make sure you are covered for the basic necessities.
A big part of this is comprehensive coverage for your healthcare needs, including access to prescription drugs.
While you were still employed, you may have enjoyed the benefits of a health plan that saw to these needs, but now that you’re retired, the onus is on you to make sure you can reap the benefits of continued coverage.
A prescription drug plan for retirees, like the one offered by Medicare, is the answer to at least one of the issues facing your retirement.
With comprehensive insurance coverage for your prescription medication, you’re able to sit back, relax and enjoy valuable family time, knowing that you can get the healthcare you need and when you need it.
Don’t think you’re not going to qualify for it or that it’s too expensive. Prescription drug plans are usually more affordable than traditional health insurance options, allowing you to enjoy more of your retirement earnings.
There are prescription drug plans out there for retirees, so make sure you enroll today!
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