When you retire, you may no longer be able to afford your employer-sponsored insurance. You also may not want to use COBRA insurance because of how costly it is.
Instead, you need to look for a coverage option that fits in the budget you have as a retiree. You can shop for supplemental insurance that covers necessary Medicare prescriptions for medications, mobility devices, and other services.
1. Drug Coverage
When you reach retirement age, you may find yourself on a host of medicines to manage your health. You may take medications for high blood pressure, high glucose levels, and heart disease, among others. All of these medications can cost you more out-of-pocket than you can afford. Instead of trying to buy them on your Social Security income, you can buy supplemental coverage for your Medicare prescriptions. The coverage may take care of most or all of the medications' costs and spare you from having to put out much (if any) money.
2. Coverage for Medical Devices
Your doctor may also prescribe medical devices for you to use to safeguard your health. He or she may recommend that you use mobility devices like a walker or crutches to get around safely. Your doctor may also tell you to use oxygen to improve your breathing or an insulin pump to manage your glucose levels.
However, these devices may cost hundreds or thousands of dollars that you cannot afford. Instead of trying to save the money for them, you can use your insurance for Medicare prescriptions to pay for most or all of their costs. You can get the devices that you need to stay safe and healthy and avoid using up all of your income to pay for them.
Finally, your coverage for Medicare prescriptions can also pay for vaccines that you need each year. For example, you may need coverage to pay for your annual flu vaccine. You also may need help paying for your shingles or coronavirus vaccine as well. Your Medicare prescriptions insurance can pay for the costs of these vaccines for you.
Insurance that covers Medicare prescriptions can help you when you retire. You can use it to pay for the medicine that you need to stay alive and healthy. It can also be used to pay for mobility devices that your doctor prescribes to you. It likewise can be used to pay for yearly vaccines that you need.