I am turning 65. Should I use the states prescription drug program (SeniorCare) or a federal Part D plan?
The states plan is $30 a year and drug co-payment costs are dependent upon yearly income. SeniorCare is available only to people who are 65 and older, while a Part D plan is available to anyone receiving Medicare. A part D plan has a monthly fee and can be a stand alone plan or can be built into an Advantage Plan. Individuals with low income and low assets may qualify for extra help (Low Income Subsidy LIS) with the plan and drug co-payments. Most co-payments under the LIS are less costly than through SeniorCare. For individuals who are taking expensive prescription drugs, SeniorCare can be taken along with a Part D plan and may help an individual pay for drugs when they reach the gap that requires 100% cost out of pocket.
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