Here's How to Save Money on Your Medicare Drug Plan in 2024
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- Опубликовано: 1 авг 2024
- Medicare prescription drug coverage is one of the most important, yet most complicated insurance topics around. If you're looking for the lowest cost Medicare Part D: Prescription Drug plan for 2024, this video will show you the easiest way to find a plan in your zip code. We'll show you how to focus on lowest overall cost, not just the lowest premium cost.
After watching this video, you'll either find that your current plan suits you best, or you'll be able to enroll in a plan that covers your medications even better.
Need help? Email me!
Erik@TheRetirementNerds.com
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This video is NOT sponsored.
The Retirement Nerds is the no-cost educational platform and serves to offer information around Medicare, Social Security, Financial Planning, and Estate Planning.
⏰ TIME CODES ⏰
0:00 Plan Anxiety
1:09 Medicare.gov - The Setup
2:38 Enter Prescriptions
3:30 Pick Pharmacies
4:17 Analyzing Plan Costs
5:53 Plan Details - Tips
8:54 Working with an Agent
10:06 NOT for Advantage Plan Folks
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#medicare #medicarepartd #medicaredrugcoverage #90daysfromretirement
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
Thank you for taking the time to make these videos to help explain the stuff that is supposed to be “simple”.
Appreciate you taking the time to watch :)
Best drug plan, try to use less than 2 different medications.
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.
Agree 💯
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.
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!
Thank you for the Medicare information on the prescription drugs 🇵🇷🇺🇸✌️ Thank you Eddie
You're the best Eddie!
@@Theretirementnerds anytime ✌️👍🇺🇸🇵🇷
This was extremely clear and helpful (as all of your videos are! Why would this one be different?😊). Thank you.
Thank you so much!!
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!
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 🙂
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.
Great tips!
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.
Can get coverage for as low as 1.60 a month. Yep dollar sixty
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!
I always watch your videos till the end. You are one of the best
@@LDhusky thank you so much for saying this!
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 😢
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?
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.
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 ?
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!
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!!😢
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!
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?
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.
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.
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.
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
@@user-xr9ie2xf6i 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!
can someone act as their own agency and get the money an agent would?
No, they won't let you do that workaround 🙂
How much does Plan D cost a person that takes no drugs, who is a 1st time enrollee.
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!
Plan D is Medigap.
What if you are not taking any medication
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.
It's surprising that the cheapest plan (free) had a lower total cost than the $78.90/month plan, wow.
It is! That's not always the case, but in this example, it was. Thank you for watching!
You and you and you make the pharmaceutical rich by the trillions 😂😂😂😂😂
STOP SAYING "HERE" so much!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Thank you for the feedback!
What a maroon!!!
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.