Best drug plan, try to use less than 2 different medications.
@johnlupo3919
10 ай бұрын
STOP SAYING "HERE" so much!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@Theretirementnerds
10 ай бұрын
Thank you for the feedback!
@tomm7505
10 ай бұрын
What a maroon!!!
@woofinu
10 ай бұрын
Two things I would add: 1. Prices for some plans have changed a lot between 2023 and 2024, so don't look at only 2023 and assume that 2024 is similar. 2. Some companies have several plans in one area, with significant differences between them.
@Theretirementnerds
10 ай бұрын
Agree 💯
@MyName-m2l
Күн бұрын
I received a book from Medicare showing the 2025 advantage plans in my area. Some of them don't include drugs. Maybe this is a new thing, but are you saying that I can't get a Part D plan in addition to one of these types of advantage plans? Thank you for your help.
@Theretirementnerds
Күн бұрын
@@MyName-m2l hi there. Most advantage plans have drug coverage. The plans without drug coverage are built for people like those with VA benefits who already have drug coverage and don't need additional prescription options.
@brendathomas-r7q
10 ай бұрын
I am not eligible for Medicare till august but no one addresses those of us who take no medications, not complaining however I don’t want to pay $55 a month for something I won’t be using. At some point I may have to take some drugs but prefer to address medical conditions thru life style choices. Thank u for all your informative videos.
@LDhusky
10 ай бұрын
Can get coverage for as low as 1.60 a month. Yep dollar sixty
@Theretirementnerds
10 ай бұрын
Great comment. Not sure how far you made it in the video, but the example shown is a $0.00 plan. This will all depend on where you live, but $55 is the average. There are usually much lower cost plans for those like you who don't take prescriptions or have very low cost generics. And these low-cost plans help you avoid the Part D penalty should you ever need more robust coverage. Hope that helps!
@LDhusky
10 ай бұрын
I always watch your videos till the end. You are one of the best
@Theretirementnerds
10 ай бұрын
@@LDhusky thank you so much for saying this!
@serendipity2650
4 ай бұрын
I wish life style changes would get me off my medications, no such luck. I tried, horrible fail. I would prefer to take nothing. Perhaps i will be healthier in my next life 😢
@kim.in.nature.
10 ай бұрын
How much does Plan D cost a person that takes no drugs, who is a 1st time enrollee.
@Theretirementnerds
10 ай бұрын
Hi Kim! That will all depend on where you live. Not sure how far you made it in the video, but the example shown is a $0.00 plan. There are usually much lower cost plans for those like you who don't take prescriptions or have very low cost generics. And these low-cost plans help you avoid the Part D penalty should you ever need more robust coverage. Hope that helps!
@yeahright532
10 ай бұрын
Plan D is Medigap.
@tomm7505
10 ай бұрын
Great video, as usual, Erik. I'll be signing up for the Wellcare Value Script when I turn 65 in April. I only have two Tier 1 generics, so they're $0 cost and the monthly premium is $0.50 in Texas. A no brainer.
@Theretirementnerds
10 ай бұрын
Thank you Tom! You are right, if you're on low cost generics, pick the lowest premium plan that covers them! You got it all down my friend!
@eduardooramaeddie4006
10 ай бұрын
Thank you for the Medicare information on the prescription drugs 🇵🇷🇺🇸✌️ Thank you Eddie
@Theretirementnerds
10 ай бұрын
You're the best Eddie!
@eduardooramaeddie4006
10 ай бұрын
@@Theretirementnerds anytime ✌️👍🇺🇸🇵🇷
@anthonygardner400
4 ай бұрын
This was extremely clear and helpful (as all of your videos are! Why would this one be different?😊). Thank you.
@Theretirementnerds
4 ай бұрын
Thank you so much!!
@meiyang5969
10 ай бұрын
I found out once I signed up for Part D on Medicare website, you cannot change your mind. I had to call the insurance company to change. There’s no “edit” button. Also be sure to go to the actual website from the insurance company (such as Cigna) and check on the formulary. 2023 and 2024 formulary can be different. I made a mistake signing up for most expensive Cigna plan, thinking my drugs are covered, but when I went to 2024 formulary, it was removed from the coverage. Be careful!!😢
@Theretirementnerds
10 ай бұрын
Hi there, so if you sign up for a plan on Medicare.gov and decide you don't want it... you can go back to Medicare.gov and sign up for a different plan, as long as you are in this Annual Enrollment Period or have a qualifying event. Whichever plan you sign up for last will cancel the previous plan automatically. Hope that helps!
@yacaattwood2421
10 ай бұрын
What about CANCER???? My understanding is that if a cancer drug is administered in a hospital or oncology clinic, it’s covered under Part B, but if it’s taken orally, then it’s under a prescription plan and could be quite expensive? How does something like Amazon Online Pharmacy factor in?
@Theretirementnerds
10 ай бұрын
Hi there, thank you for watching. Yes, if getting chemo in a hospital or clinic, that is billed under Part B and is different than your Part D plan. If you take it orally, that medication is something you'd want to include in your prescription list.
@newengland8126
10 ай бұрын
It's surprising that the cheapest plan (free) had a lower total cost than the $78.90/month plan, wow.
@Theretirementnerds
10 ай бұрын
It is! That's not always the case, but in this example, it was. Thank you for watching!
@MaineLakeKidAlways
10 ай бұрын
Love your videos! Thank you! I am starting Medicare in December and plan to get a supplement. I don’t take any medications currently but I know I need to get a drug plan now anyway to avoid later penalties. Is there anything specific I would need to keep in mind in looking for a drug plan? My thought is to make sure it works with nearby pharmacies and then just look at premium? Anything else? Should I try to list some possible drugs or ?
@Theretirementnerds
10 ай бұрын
Thank you so much for watching! It's impossible to predict the future, so we'd put in any medications you are currently taking and, using the steps in this video, find the plan with the lowest overall cost. The medications that "most" people take end up being low cost generics that are likely covered well. Can't really take a guess at the more expensive medications because you are currently healthy. For fun, you could look at more expensive medications for specific illnesses if they run in your family, but if you don't have those illnesses, there isn't a reason to be paying for a higher cost plan to potentially cover those. You can change these plans every year, so if something does come up later, you can switch to a different plan during the Annual Enrollment Period (October 15 - December 7) each year. Hope that helps! Appreciate you!
@serendipity2650
4 ай бұрын
Thank you for taking the time to make these videos to help explain the stuff that is supposed to be “simple”.
@Theretirementnerds
4 ай бұрын
Appreciate you taking the time to watch :)
@mwmilling
10 ай бұрын
Great information as usual! How common is it for plans to offer coverage before reaching the deductible as you show in your example? Is that a benefit that people on low cost generics should seek out?
@Theretirementnerds
10 ай бұрын
Thank you so much! Plans like that are quite common nowadays for both standalone plans and coverage through Advantage plans. And yes, while searching for yourself or searching with an agent, if you are on low-cost generics, that could be a key feature to look for.
@EllenS-o7o
10 ай бұрын
Always include both Walgreens and CVS (assuming they are both in your area) in your search, plus a few other chains that might be in your area such as Walmart or your grocery. For some plans, one of those chains might not be in the network, so you can be sure to avoid that pharmacy if you choose that plan. And the plans that include pharmacy chain names in the plan name aren't limited to that pharmacy chain.
@Theretirementnerds
10 ай бұрын
Great tips!
@DeborahKiertanis
10 ай бұрын
I am on the 1st plan you showed and will have no premium cost. But i wonder why and how they can afford to do that? It worries me a little.
@Theretirementnerds
10 ай бұрын
Our general thoughts... insurance companies will have the opportunity to market to you differently with you on their plan. They will all market to you anyway, but with you on their prescription drug plan, they can market their other offerings that are more profitable to you in a different way. As long as you know that going in, the low costs are a benefit. Just be ready for letters and possibly phone calls telling you about their Advantage plan.
@DeborahKiertanis
10 ай бұрын
Oh yes already got those. But just like I figured we got a letter today saying they are not covering his Novolog. I have a feeling they'll be more
@Theretirementnerds
10 ай бұрын
@@DeborahKiertanis yes, the number and types of medications on these plans will vary, especially as you start getting into more expensive brand medications. Thank you for sharing the Novolog example!
@ezeddie9747
6 ай бұрын
What if you are not taking any medication
@Theretirementnerds
6 ай бұрын
Find the lowest cost plan. There are some that are no cost or $0.50 depending on your area. That way, you avoid Part D penalties.
@ThomasAloisi-MDInsurance
10 ай бұрын
can someone act as their own agency and get the money an agent would?
@Theretirementnerds
10 ай бұрын
No, they won't let you do that workaround 🙂
@davidfolts5893
10 ай бұрын
Outstanding video, 90 Days From Retirement! An excellent pick for zip code. Walt Disney had an apartment at Walt Disney World but unfortunately passed away before being able to enjoy it. Your consistency of unique and helpful content is to be commended!
@Theretirementnerds
10 ай бұрын
You are the best! Got to visit Orlando once for a national competition in high school. Was a good time, so I figured we'd run with that as our example 🙂
@delir.6488
10 ай бұрын
You and you and you make the pharmaceutical rich by the trillions 😂😂😂😂😂
@cesterly4668
10 ай бұрын
No lets not!!! opt out of medicare, medicaid.....nothing good financially, emotionally, mentally and physically will happen. Opt out of ssi and Medicaid .. yes you will have to find other forms of income.
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