Early Retirement and Prescription coverage

[Born2Travel]

I may be crazy, but I'm thinking of taking early retirement (yes, in this horrible economy!) I have been checking out life after work and although I wouldn't need anything yet, eventually we'd need prescription, dental and vision coverage as DH retiree medical only covers medical costs. I've come up with a few answers as to dental and vision, but not much for pre-medicare prescription coverage. What do others do between retirement and medicare? Does Walgreens have it's own prescription plan?

 

[Talent312]

In many localities there are community-based pharmacy discount cards.
You could check with your local public health department or ask your pharmacist.

Wal-Mart has a list of generics for $4.95, and near us, a chain-store grocery offers
free oral blood-pressure, blood-sugar and and antibiotic meds at their pharmacy.

Some pharmaceutical companies offer discounts to those on fixed or limited incomes.

 

[ronparise]

What do others do between retirement and medicare?

dont get sick and dont get hurt..and if you do...pay full freight

Ive gone the last 10 years as a self pay...and I got away with it...I hit medicare age last month.....we are still sweating out the next 2 years for my wife

 

[Passepartout]

Ask your pharmacy. I retired at 62, COBRA ran out 18 mo later. I have a VERY high deductible private plan for just in case the worst should happen. It has some drug benefits, but they are modest. Fortunately the large majority of my meds are cheap generics so my drug costs are manageable.

The lack of worry will make it seem like hitting the lottery next Summer when I Medicare qualify.

As mentioned- WalMart and several others have their own discount cards. Ask around.

Jim

 

[dwojo]

Check with your employer and get a summary of what retirement benefits they offer. My employer offers medical and dental at slightly higher rates. It is a benefit they do not advertise this policy. If you don't ask they don't tell.

 

[artringwald]

If you're taking any medications that aren't generic, ask your doctor if there's a similar drug that is generic.

 

[vacationhopeful]

Welcome to the world of Independence. Except for all those bennies you won't have.

I have my own independant "health plan" at $610 monthly (self employed).

As for scripts, my doctor's office has a large supply of common big $ scripts as doctor's samples. My scripts add another $100 a month on to just living. I go to the Free flu clinics. I do generic drugs. I watch my weight (losing for the last 3+ years), carbs and sugar levels. I walk more. I sleep on a regular schedule.

Don't live close enough to Canada or Mexico.

 

[rapmarks]

I retired at 55. I didn't have dental or vision coverage, paid out of pocket. Had decent insurance available through work and at that time it had a good perscription plan. We figured with the cost of the insurance and out of pocket for dentist, eye care, deductibles and copays that our cost was about 1000 a month between the two of us. Figured it was the price we had to pay for not having to work.

 

[MommaBear]

And your medical expenses may well be tax deductible if your income is low.

I hate to think of anyone without insurance- I have seen too many cases of delay in care because people were afraid to find out what it would cost. This past summer, I had to tell two different men in their early 60's to go home, put their affairs in order and enjoy their remaining few days because of delay in care. I insisted my own daughters get COBRA, which is good because one daughter just had to have knee surgery (in a surgi center, not even a hospital) and her surgical cost was $16,500, which does not include her months of physical therapy. My father's cancer medication was $9,000 a month.

Sorry for the soapbox! It is one of my hot buttons. Find some good, low cost catastrophic coverage, enjoy your retirement. If you need expensive drugs, most pharmaceutical companies offer low cost plans.

Let us know how early retirement works for you. I am aiming at getting out at 60.

 

[zinger1457]

I ER'd at 53 and have a high deductible (HSA) health plan, my premium is about $170/month. Prescription drugs are not covered with my plan but since the money you put into the HSA is tax deductible and with the reduced premiums you might find paying out of pocket it still cheaper than a full coverage plan. One of the side benefits of a high deductible HSA plan is that it forces one to take better care of their own health (exercise, diet, etc.) reducing or eliminating the need for most prescription drugs.

You'll find some good information at http://www.early-retirement.org/forums/ on all matters dealing with ER.

 

[KauaiMark]

Same here...

dont get sick and dont get hurt..and if you do...pay full freight

Ive gone the last 10 years as a self pay...and I got away with it...I hit medicare age last month.....we are still sweating out the next 2 years for my wife

Same here last 9 ys.

We fund (ie borrow the $$) for our own HSA for a bare bones (pardon the expression) Kaiser plan for two of us.

We pay fu$$ rate until we reach our $2700(ea) yearly deductible.

Monthly insurance premium almost $800/month adjusted yearly (always upward) and doesn't include any prescription coverage, it's amazing what they charge for prescription drugs. ($165/oz for ear drops??)

Don't be shy about asking for samples, less expensive options or Rx prescriptions to shop around at Costco, CVS, Walgreen's etc.

 

[Kal]

There is at least one reputable Canadian pharm in the "northwest" just outside of Vancouver, BC. As an option, check out their prices for meds so this will give you another data point.

 

[normab]

Not retired yet, but for Rx drugs my friend buys her medicines directly from India and has no problems at all. She said it is a huge savings compared to the cost here.

Just an additional thought...

 

[Passepartout]

Not retired yet, but for Rx drugs my friend buys her medicines directly from India and has no problems at all. She said it is a huge savings compared to the cost here.

Just an additional thought...

I order Rx eyeglasses from India, but personally, I'd be wary of drugs. Who verifies wholesomeness or accuracy? Drug counterfeiting there is rampant.
http://www.american.com/archive/2008/may-june-magazine-contents/bad-medicine

Jim

 

[Born2Travel]

Great comments... but scary.... yes, we've been spoiled. We will be fine for medical coverage (Blue Cross through retiree medical plan) but they don't include prescription coverage so that is the problem. Currently we are only taking the cheaper generics so we can handle those. But when I see a $9,000 cancer drug price.... We are fairly close to Canada and closer to Vancouver, WA so I may have to check it out. There definitely is a price to pay for leaving the job behind, but I think I'm ready. At least today - tomorrow could be another story - feels like a roller coaster ride - excited, scared,... back and forth... I think I've crossed the threshold though. Thanks everyone - appreciate any other comments or suggestions - indeed, the best plan is to stay healthy! And I hope this gives me more time to work on that

 

[rapmarks]

I try to eat right and exercise, but unfortunately i am on a lot of drugs and have a lot of problems. I actually had 24 medical "events" in the last 4 weeks and i am postponing a very expensive cancer treatment and knee replacement surgery. when I was younger I would plan my doctor visits to all fall in one year, but the last three years before i went on medicare i exceeded the max out of pocket.