Medicare Part D helps cover the cost of prescription medications.
Plans are run by private insurers — each with its own drug list (formulary) and pricing.
You’ll pay a monthly premium, plus copays or coinsurance depending on your prescriptions.
Part D can be added to Original Medicare or included in Medicare Advantage plans.
Review your plan every year — drug lists and costs change!
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Medicare 101: Understanding Drug Coverage | I’m Mike Harrington, assisting you to get the coverage that fits your needs Contact me today.
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Insurance Letters Seniors Should Read Immediately
In 2026, retirees must urgently open five key Medicare-related letters: Plan Termination Notices signal insurers exiting areas, risking loss of drug coverage; Network Termination Letters warn doctors leaving networks, causing out-of-pocket costs; Formulary Change Notices indicate drug removals or higher tiers; Coordination of Benefits Requests must be returned to avoid claim denials; IRMAA Determination Letters allow 60 days to appeal income-based premium surcharges. Ignoring these can lead to lost coverage or high costs.
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Ways Your Medicare Advantage Plan May Have Changed This Year
Medicare Advantage plans often change yearly, affecting deductibles, copays, networks, and benefits. Unlike original Medicare, which has consistent rules, Advantage plans vary and may increase costs in 2026. They offer extra benefits like dental, vision, hearing, and sometimes home services or meal delivery for certain conditions. Networks may change, limiting provider options and increasing out-of-network costs. Enrollees have until March 31 to switch plans or return to original Medicare.
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Medicare Tips for Retirees | I’m Mike Harrington, assisting you to get the coverage that fits your needs Contact me today.
Late Part B signup triggers 10% yearly penalty, lasting for life.
Medicare Advantage plans change yearly; comparing can save avg. over $1,800.
Part D plans differ in drug coverage; switching saved one client $1,100 in 2026.
Exceeding IRMAA income thresholds means surcharges; plan income to avoid extra costs.
Experts urge consulting advisors for personalized Medicare and retirement planning. -
Explore New Medicare Options as Coverage Changes Soon
Starting Jan. 31, 2026, Medicare will impose strict limits on telehealth coverage, ending broad access granted since 2020. Coverage will be restricted to behavioral health services, rural beneficiaries, telehealth visits at medical facilities, home dialysis for End-Stage Renal Disease, and acute stroke care. Most retirees will lose telehealth coverage and may need to pay out-of-pocket or consider Medicare Advantage plans with telehealth benefits.
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Medicare Facts Most People Miss | I’m Mike Harrington, assisting you to get the coverage that fits your needs Contact me today.
Medicare is not free; Part B and D have monthly premiums, plus copays, coinsurance, and deductibles.
Medicare Advantage plans offer expanded benefits and capped out-of-pocket costs, but may limit provider networks.
Medicare now covers some telehealth services, allowing virtual medical visits for enrollees.
You can enroll in Medicare at **65** even if still working, but can't contribute to an HSA after enrolling.
Late enrollment can trigger a **10%** lifelong Part B premium penalty for each 12-month delay. -
Understanding Medicare Supplement Insurance Plans: F, G and N Explained
Medigap Plans F, G, and N supplement Original Medicare by covering out-of-pocket costs. Plan F offers the most coverage but is only for those eligible before 2020. Plan G covers nearly all costs except the Part B deductible, making it popular for new enrollees. Plan N has lower premiums but includes small copays. The best time to enroll is during the six-month Medigap Open Enrollment Period starting at age 65 with Part B.
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This Medicare Cap Lowers Pharmacy Bills | I’m Mike Harrington, assisting you to get the coverage that fits your needs Contact me today.
Starting Jan 1, 2025, out-of-pocket drug costs capped at $2,000 yearly for Medicare beneficiaries.
The 'donut hole' coverage gap is eliminated; no more surprise mid-year cost spikes.
Monthly payment option lets retirees spread costs over 12 months, easing budgeting for those on fixed incomes.
Cap especially benefits those with chronic conditions; some previously paid $6,000–$10,000 yearly for prescriptions.
National out-of-pocket spending could drop by billions in 2025, reducing senior debt and boosting financial stability. -
Suze Orman: Why Smart Seniors Should Add a Dental Savings Plan To Their Medicare Coverage
Medicare typically does not cover dental care, which can be costly for seniors. To reduce out-of-pocket expenses, seniors are advised to purchase a Dental Savings Plan (DSP), a membership program offering discounted dental services starting around $79 annually. DSPs help protect retirement funds by lowering dental costs and encouraging timely dental care, especially for those without retiree dental coverage or on fixed incomes.
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Costly Medicare Myths | I’m Mike Harrington, assisting you to get the coverage that fits your needs Contact me today.
Medicare Advantage ≠ Medigap; they offer different coverage options.
Advantage plans may include hearing, dental, vision, and prescription drug coverage.
Switching to Medicare Advantage does not mean losing Medicare; coverage continues via private insurers.
Medicare Advantage deductibles and out-of-pocket maximums are not always higher than Original Medicare.
Costs and eligibility for Medicare plans vary; research and compare options for your needs.