Already Have Retiree Prescription Coverage in Tennessee? What to Know About Medicare Part D

If you have retiree prescription coverage in Tennessee, you may still need Medicare Part D. Learn how your costs, coverage, and penalties work before making a decision.

In this episode

• How retiree prescription coverage works with Medicare Part D in Tennessee
• What costs to expect with Medicare drug plans, including premiums and deductibles
• Why you might need Part D even if you take few prescriptions now

Source: How much does Medicare drug coverage cost? (medicare.gov)

Billy Jordan is a licensed insurance agent (NPN 8699876) with The Jordan Insurance Agency, with an office in Nashville, Tennessee. Voices in this episode are AI-generated, including Billy's, from a script reviewed and approved by Billy Jordan, a licensed insurance agent. General education only, not advice for your specific situation.

Not affiliated with or endorsed by Medicare or any government agency.

Tanya (AI host): I’ve got retiree prescription coverage from my old job here in Tennessee—should I still consider adding Medicare Part D, or am I already covered? Stick around, because the answer isn’t as simple as it sounds.

Tanya (AI host): Welcome to Smart Coverage. Real Advice., the insurance podcast from The Jordan Insurance Agency. I'm Tanya, your host, and I'm here with Billy Jordan, a licensed insurance agent and the president of The Jordan Insurance Agency.

Billy Jordan: Glad to be here, Tanya. A quick disclaimer: we're not affiliated with or endorsed by Medicare or any government agency, and this is general education, not advice for your situation. Now, let's get into it.

Tanya (AI host): Okay, let’s get right to it. If someone in Tennessee already has retiree prescription coverage, do they need to sign up for Medicare Part D?

Billy Jordan: That’s a great question. According to medicare.gov, your total costs for Medicare drug coverage depend on which plan you choose. The article doesn't specifically address what to do if you already have retiree prescription coverage, so it’s important to check with your plan administrator about how your current coverage works with Medicare Part D.

Tanya (AI host): What does Medicare.gov say you actually pay if you sign up for Part D?

Billy Jordan: According to medicare.gov, you could pay a monthly premium for coverage, and the amount depends on the plan you choose. Some people may pay more based on their income, and if you have to pay a late enrollment penalty, that gets added to your premium. There’s also usually a deductible—no Medicare drug plan may have a deductible higher than seven hundred dollars in twenty twenty-seven, and some plans have no deductible. After that, you’ll pay copayments or coinsurance for your prescriptions.

Tanya (AI host): What’s the difference between copayment and coinsurance?

Billy Jordan: A copayment is a fixed amount you pay for a drug at the pharmacy. Coinsurance is a percentage you pay for a drug at the pharmacy. Which one you pay depends on your plan and the specific medication.

Tanya (AI host): If someone’s not taking a lot of prescriptions right now, does it still make sense to get Part D?

Billy Jordan: Medicare.gov mentions that even if you don’t take many drugs now, or your current out-of-pocket drug costs are low, you might want to consider getting a drug plan with a low monthly premium so you can avoid the late enrollment penalty.

Tanya (AI host): Can your out-of-pocket costs change from year to year?

Billy Jordan: Yes, they can. Medicare.gov points out that your plan’s premium, deductible, and what you pay for each drug can change every year.

Tanya (AI host): Three things to remember. One, your total Medicare drug coverage costs depend on the plan you choose. Two, you may pay a premium, deductible, copayment, or coinsurance, and these can change each year. Three, even if you don’t take many drugs now, consider a plan to avoid a late enrollment penalty.

Tanya (AI host): For a personalized look at your situation, book a free thirty-minute chat with Billy and his team at thejordaninsuranceagency.com/podcast.

Billy Jordan: I'm Billy Jordan with The Jordan Insurance Agency. Until next time, take care.

Tanya (AI host): Thanks for listening to Smart Coverage. Real Advice. from The Jordan Insurance Agency.