Medicare Part D

[Sad Eyed Lady]

I have had Medicare Part D for a little over a year and I am trying to decide if I want to keep it. I have very little in the way of prescription drugs and my statement today showed that for the first 6 months of this year I have paid around $124.00 for prescription drugs, Medicare Part D insurance has paid 0. Plus I am paying my Medicare Part D premium each month. Open enrollment begins October 15th, so any changes can be made then as in selecting another plan or dropping coverage completely. Has anyone completely dropped out of Part D and also had no other drug coverage plan? I am trying to decide if I want to continue with something I am getting no benefit from...yet. I know that is a gamble, but with not paying a monthly premium the money could be used if and when it is actually needed to cover cost of a medication. Thoughts?

[JaneV2.0]

I would drop it, but I'm no expert. I think I have coverage of some kind, but I haven't used it. I hate this system with insurance companies involved; I don't trust it at all.

[sweetana3]

Dangerous.

1. The cost of drugs is somewhat reduced by dealing thru a third party, like insurance co. or Medicare. They have negotiated lower rates.

2. If you get anything unexpected, like all kinds of my friends did, such as an attack of cellulitis, a serious case of flu or related illness, have an accident, you leave yourself open for some pretty nasty bills. This is the purpose of insurance. Sure it is somewhat of a gamble but almost everyone gets something. My asthma medication is over $400 per month if not insured.

I would look for a plan that contains what you need at a reasonable cost. My mother-in-law went Medicare Advantage and it was zero premium the first year. However, they are all gambles since no one knows the new medications that might be needed the next year.

If you are independently financially secure and whatever the cost could pay for any medication, then I would perhaps maybe consider going without D.

[sweetana3]

This is kind of funny but a very old episode of Dr. Kildare (early 60's TV show) had a farmer asking why he had to pay 25 cents a month for nothing since he did not need a doctor that month.

[Lainey]

I agree, sweetana3, even though I'm not quite Medicare age yet. The pharma prices only seem to be increasing so any illness or injury could sabotage a budget pretty quickly.
We just have to put our hands up and be robbed, I guess.

[Gardnr]

Careful. There is a penalty of 2% per year that you don't have part D.

[Yppej]

I would be scared of ever getting hit with chemo bills. Aren't chemo treatments chemicals aka drugs?

[rosarugosa]

Sweetana3: Pretty funny!
I would keep the coverage. That is what insurance is all about. You pay most of the time for nothing, but on the chance that if there is something you cannot afford to cover on your own, you will be covered. Do you have homeowner's insurance? I do, and I would drop HO coverage before I would drop medical or prescription coverage (even though we've not really had any particularly expensive prescriptions so far in our lives).
My SIL was diagnosed with RA a few years ago, and her meds cost $4000 per month. Ouch!

[Teacher Terry]

At age 50 I went from taking no meds to taking 4 a day. Life happens.

[Sad Eyed Lady]

Careful. There is a penalty of 2% per year that you don't have part D.

Looks like it is actually 1% per month if you drop the coverage then re-enroll at a later date.

"Although the Medicare Part D prescription drug program is voluntary, if you drop your prescription drug plan coverage and do not have any other creditable prescription drug coverage (and are not qualified for the Medicare Part D Extra Help program), you will be subject to a late-enrollment premium penalty for each month that you are without coverage. The penalty is calculated as a monthly premium increase of 1% of the national base Medicare Part D premium for each month you are without drug coverage."

[Sad Eyed Lady]

I think what I am going to do when open enrollment starts October 15th, is find a lower monthly premium and make the change. The checking I have done today came up with one that is comparable to what I have now but with about $10.00 less per month premium.

Thanks for everyone's input.

[Gardnr]

I think what I am going to do when open enrollment starts October 15th, is find a lower monthly premium and make the change. The checking I have done today came up with one that is comparable to what I have now but with about $10.00 less per month premium.

Thanks for everyone's input.

Always good to make a fully informed decision.

When Mom was alive, I did her Part D research every renewal period. She was on several really cheap drugs. So each year she signed up with the cheapest plan available to her. It worked for 24 years. Then when she got really sick, she went straight on hospice and Medicare covered 100% of her healthcare during that last 7 weeks.

[dado potato]

Being of Medicare age, I opted for Part D. I have not needed any Rx drugs yet, but as the years go by it seems more than likely that a doc will prescribe something. I am paying a little less than $35 per month for my drug insurance coverage.

An article in the AARP Bulletin of May 2017 contained some examples of the cost of newly approved cancer drugs per patient per year:

Bavencio $156,000

Tecentriq $150,000

[JaneV2.0]

Thankfully, I'm of an age and subscribe to a philosophy whereby I can just sign up for Hospice. I'm fortunate not to have any conditions Pharma can hold me hostage to. Since I prefer a fancy powdered aspirin product, my drug out of pocket cost is something like six dollars a month. I believe Humana rebates me something like a hundred.