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Drug coverage for 65 and over?


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I found this website that may be of assistance to compare the various plans: http://www.medicaredrugplans.com/

 

We have friends that never signed up for Part D because it was more expensive than the meds they were taking.

 

Costco has a plan for individuals without RX insurance.

 

This website will help you find the best price for your meds: http://www.goodrx.com/

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I buy a plan through Teamstar. It was $26 month with $100 deductible. For 2015 they went to $26 and $250. For 2016 it will be $34 and $350. There is also a cost share depending on drug. When I check my drugs and compare plans, Teamstar is still $500 a year lower than aarp.

After 65 if you go bare, the premiums will have a penalty added for your late joining part D, if you find you need prescriptions in the future. It is better to find a low cost plan and don't use it. We all get old.

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We have friends that never signed up for Part D because it was more expensive than the meds they were taking.

 

The only problem with doing something like this is if, in the future, they need the Part D, they're going to pay higher prices for a plan because there's a premium penalty if they don't sign up when they're first eligible.

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The only problem with doing something like this is if, in the future, they need the Part D, they're going to pay higher prices for a plan because there's a premium penalty if they don't sign up when they're first eligible.

 

Ain't that hoot ?

 

How long would anyone be in business if that was how everything was priced ? If I buy eggs today they are a dollar but if I wait until next week , when I'll actually use those eggs , they'll be twice the price . Why ? Well , they 'could have' made a profit in the mean time , but didn't so now I have to make up that difference . What a crock ...

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Ain't that hoot ?

 

How long would anyone be in business if that was how everything was priced ? If I buy eggs today they are a dollar but if I wait until next week , when I'll actually use those eggs , they'll be twice the price . Why ? Well , they 'could have' made a profit in the mean time , but didn't so now I have to make up that difference . What a crock ...

 

Insurance pools work best when the risk is shared across the largest possible base of subscribers. If people don't participate in Part D until they start taking expensive medications then they skew the pool of insureds towards those who are sicker. That results in higher premium costs for those who are enrolled. I see nothing wrong with having those who choose to enroll only when they expect to have larger prescription expenses pay a bit more for their coverage.

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Insurance pools work best when the risk is shared across the largest possible base of subscribers. If people don't participate in Part D until they start taking expensive medications then they skew the pool of insureds towards those who are sicker. That results in higher premium costs for those who are enrolled. I see nothing wrong with having those who choose to enroll only when they expect to have larger prescription expenses pay a bit more for their coverage.

 

My wife says much the same . She was in insurance for 30+ years . I just think the whole business was unnecessary . Now it's become a necessary evil .

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Ain't that hoot ?

 

How long would anyone be in business if that was how everything was priced ? If I buy eggs today they are a dollar but if I wait until next week , when I'll actually use those eggs , they'll be twice the price . Why ? Well , they 'could have' made a profit in the mean time , but didn't so now I have to make up that difference . What a crock ...

 

Remember, we're talking about INSURANCE. The key to all insurance is to spread the risk around, so that everyone is covered but only a few will be heavily using it at one time. At some point you will receive more than you pay in during the year, but it will probably be (and hopefully is) a few years down the road.

 

Barb

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At some point you will receive more than you pay in during the year, but it will probably be (and hopefully is) a few years down the road.

 

 

 

You don't have to be particularly sick to benefit greatly from a Part D plan. A long-lasting insulin such as Lantus can easily cost $1k/mo without insurance so it's real nice to know that over the next several years the Part D "donut hole" will continue to get smaller. It's a fallacy to think that only rare specialty drugs are expensive.

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Remember, we're talking about INSURANCE. The key to all insurance is to spread the risk around, so that everyone is covered but only a few will be heavily using it at one time. At some point you will receive more than you pay in during the year, but it will probably be (and hopefully is) a few years down the road.

Which is exactly how all insurance of any type works. The insurance company invests the premiums that exceed the total paid out in any given year against the bad year with too many claims. Insurance very seldom saves you money, unless you have a major disaster, but we buy it to protect ourselves, just in case. Look at your home owner policy. You can't wait to buy a policy until after the house burns down or is blown away by a storm.

 

Health insurance works exactly the same way. The only reason that some people get more in claims than they pay in is due to either the employer or the government subsidizing your premiums. You can't really believe that you should be able to wait until you are sick, then buy insurance to pay the cost of care and pay less for that insurance than they must pay out for your medical bills? Only government can do things like that and even they will have to make that up by taxing someone, someday to make up the shortfall.

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My wife says much the same . She was in insurance for 30+ years . I just think the whole business was unnecessary . Now it's become a necessary evil .

Maybe both of you missed that^ post ?

 

To be more clear : Being married to an insurance office manager for twenty years has at tendency to teach a person a few things about insurance . ;)

And , by 'was' I meant in the first place . As in , before there was an insurance 'industry' . Like I said , insurance has become a necessary evil . One that just keeps growing .

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If the RX would sell the prescriptions too us at the same price they do the Insurance company's it would be cheaper for some maybe.

 

I have Humana PDP enhanced plan.at $55.80 a month for 2015 in 2016 it will be $70.90 a month.

I get 5 different prescriptions every month.

 

My Co-pay totals $26.50 a month. So my co-pay & Insurance payment is $82.30 a month for 2015.

In 2016 it will be $90.40 Co-pay will be the same in 2016

 

Walmart's Retail price for the Drugs is $126.65.

Walmart Retail price for the Insurance co. $33.60 for 3 of them, the other 2 I pay the Walmart $4

The Insurance pays Walmart $7.10 a month. Out of the $55.80 I give them so far this year.

 

But on the other hand, Humana paid out in

2012-- $1,965.60

2013-- $2,529.10

2014-- $2,540.25 for me. :)

So far 2015--$62.20

So I am probably a few years ahead of them for now.

Sometimes it does pay to have Insurance. ;)

 

On Edit when I got my increase this week for 2016. I checked AARP and my price would be $68.70 for 2015 a month.

2016 price not available. But my Co-pay for the same RX would be $50 a month more then what I pay with Humana. :(

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http://http://q1medicare.com/

I used this website to construct a spreadsheet for the drugs we use and found it a great help.

As Kyle said though everything depends on the drugs you are using as each formulary is different.

We found that Silverscript was best for me and Humana for the DW but that has changed and Silverscript is best for both this year. (also their premiums went DOWN this coming year). They are a higher with their co pays but with no deductible, for us, it is the best deal.

Agreed Humana basic is only good if you don't take drugs.

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