To Liz, please:Regarding your reply to the letter regarding the exorbitant cost of Medicare Part D prescription drug coverage, I have a few remarks. As you accurately pointed out, from next year, the cost of covered drugs will be capped at $2,000.
The monthly premiums, however, have no upper limit. For the 2025 year, my Part D monthly premium increased by almost 25%.
Therefore, even though I will pay less out of pocket for my prescription medications each year in 2025, my overall expenses, including premiums, will be greater than in 2024.
In response to the original author’s implication that Medicare’s prescription drug coverage is always costly, people’s actual expenses vary based on the medications they take and the coverage provided by the private insurance they select.
According to KFF, a nonprofit health research organization, Part D rates can range from zero dollars to over $100 per month. According to the Centers for Medicare & Medicaid Services, the average premium for a stand-alone Part D plan is expected to drop from $41.63 in 2024 to $40 the following year.
As mentioned in an earlier piece, insurance companies are always altering the list of medications they cover. To ensure you’re getting the greatest rate, it’s crucial to shop annually during Medicare’s open enrollment period.
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To Liz, please:This relates to the author’s daughter, a 21-year-old single mother who suffers from major depressive disorder and bipolar disorder. Under the Disabled Adult Child program, adults who become disabled before the age of 22 may be eligible for Social Security Disability Insurance. She would qualify for Medicare after two years of SSDI. She can apply for this important benefit with the assistance of a lawyer who handles Social Security disability issues.
Response: I’m grateful. The Disabled Adult Child program is one of the exceptions to Social Security’s general requirement that recipients must have worked in order to qualify for payments. The adult child does not need to have a job history because benefits are determined by a parent’s wage history.
Liz Weston, a Certified Financial Planner, writes a column for NerdWallet about personal finance.She can be contacted by phone at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or via the atasklizweston.com contact form.
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