Eighty-six-year-old John Gereaue always keeps up with the latest medicine on the market. The problem: pricey prescriptions.
“Occasionally I get a prescription, and it cost $102 for 30 days.”
To get prescriptions at a lower cost, he’s looking into Medicare part D.
“Many people can save a lot of money especially those that have many prescriptions that they are paying for," said Donna Benz, who works for the Department of Elder Affairs.
Those who don't sign up by the Monday deadline may lose money. Seniors who already pay a bundle for prescriptions in their medicine cabinet would then face a one percent penalty every month they're not signed up.
"It'd be just a very small amount of money, but if you keep adding on pennies and pennies and pennies onto a premium for four or five years, you're gonna incur quite a bigger premium," said Benz.
Charles Williams doesn't take a lot of prescriptions, but says he never knows when that could change.
"Regardless of how much you need or don't need ‘em at the moment, you don't know what the future holds."
Many seniors admit it is confusing, but here's a bit of advice from the Department of Elder affairs. They say even if you don't know which plan you need, go ahead and enroll anyway. By signing up now you won't end up paying extra costs and you can always change your plan later.
Must be 65 or older, Medicare eligible and without a comparable retiree drug coverage from your company.