Medicare Part D
Medicare Part D is an option that you may want to consider as you become eligible.  Medicare Part D eligibility is based on the standard eligiblity factors associated with Medicare but the Medicare Part D coverage has more expansive benefits for those recipients who have larger prescription drug costs.
Medicare Part D was;
- Implemented in 2006 as a voluntary prescription benefit.
- Premiums averaged approximately $32 per month with a $250 deductible for Medicare Part D plans.
- Is a cost-sharing benefit, with Medicare paying 75 to 95 percent based on drug costs.
- Individuals with lower incomes may be exempt from the cost-sharing and instead pay small co-pays per prescription.
- Managed by private health insurance companies for a monthly premium.
- Open to everyone on Medicare without income consideration.
- Generally includes low co-payments or co-insurance for brand and generic prescription drugs.
- Can be chosen as a stand-alone drug plan or it may be a part of your Medicare Advantage Plan.Â
- There are many plans available, comparison shopping is a wise choice to find the proper fit for your budget.
- Also Read: Trend Analysis: Contribution Strategies Within Five Years of Retirement for Public Employees
- Also Read: Coordinating Life Insurance with Survivor Annuity: Key Retirement FAQs Answered
- Also Read: Pros & Cons of Coordinating FEHB/PSHB With Retirement Income for Retirees
P. S. Always Remember to Share What You Know.
Because of the unique health benefits that Federal and Postal employees receive in retirement you may wish to consider some additional reading on your FEHB coverage.
If you are a Postal employee click HERE for your LiteBlue account
