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This post is intended to both inform and call to action. Retired folks should contact their elected representatives to voice their opinions on this issue. What is this issue? It has to do with the fact that medicare does not cover medicines, prescribed or otherwise. My wife planned to retire at age 65. She had to abandon this plan because she would loose her insurance benefit if she left work. I also lost my health insurance when my Cobra ran out. Unfortunately, there are people out there who do not have good health coverage when they stop work.
There are some HMO's that offer prescription drug coverage. However, they look good on paper but do not deliver. Unfortunately, they are often not financially viable. Their in network doctors listed in their directories often are not in the network. There is a frequent turnover of in network doctors. We turned down the idea of going with this type of HMO.

My wife was always healthy until the last few years. Although she can hold a job, she has about $6,000. per year in pharmaceuticals. She will probably stop work in a couple of years, and then her medicines will be paid for out of our retirement budget. We were caught by surprise in our retirement planning. We think too many people assume medicare or a medigap policy takes care of everything. The medigap policy will cover 50% of up to a maximum of $3000. People should be aware of this situation when they plan their retirement budget.
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