Dear Toni: I am retiring on Jan. 1 and am beginning to search for the right Medicare option for me and my wife, who is having treatment at a local cancer center. Her cancer treatment drugs are expensive, and I am concerned about the Medicare Part D out-of-pocket costs.
I am a diabetic and use a flex pen and take blood pressure medications. Most of my prescriptions are generic, except for the diabetic prescriptions. Our Medicare Part B will begin Jan.
1 as my company benefits will end Dec. 31. What should I do to prepare for this medical insurance change? I will be 70 and my wife, Sandy, is turning 65 by the time I retire, and I want to be sure I do this correctly.
— Scott, San Diego Dear Scott: With Medicare, there is no cookie cutter, one-size-fits-all solution. Everyone’s finances, health and prescriptions are different, and should be considered in finalizing your Medicare choices. Scott, it is imperative to search for the most cost-effective Medicare Part D prescription drug plan that covers all the prescriptions that you and Sandy have.
Many people simply don’t practice proper Part D planning. They are more concerned about their doctors and fail to ensure that their prescriptions are covered. Every Part D plan has a formulary, whether it is a stand-alone plan or a Medicare Advantage plan with a prescription drug plan.
If your drugs are not on that formulary, you will pay 100 percent out of pocket. The 2025 Medicare Part D plans will be released Oct. 1.
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