Prescription Costs for older adults (and everyone)

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floridacatlover
Posts: 8058
Joined: Fri Aug 28, 2015 7:21 am

Re: Prescription Costs for older adults (and everyone)

Post by floridacatlover »

HappyDaze wrote: Sun Dec 05, 2021 5:19 pm Florida, thanks! Do you know if they will base my subsidy on what I receive from my pension EACH MONTH - or from how much is AVAILABLE in my pension? If I were to retire in 5 years and live on $26K a year (doable), I could get a good subsidy - otherwise - the plans all cost hundreds and hundreds of dollars - and I am sunk. UGH.
It would be the $26k if that is what you take from your pension. (I’m thinking you must have a 401k or 403b and can withdraw whatever you need. Is that correct?)

Also, if you have any savings outside of a 401k like a cd or regular savings account, you can use that and it doesn’t count towards your taxable income and would not affect the subsidy. So if you took $26k from your pension/403b and needed an extra $2k for a big household expense or something and took it from a cd or savings account - or Roth IRA if you have one - that doesn’t count toward the income for your subsidy. Does that make sense?
clemencia2us
Posts: 11445
Joined: Fri Aug 28, 2015 9:21 am

Re: Prescription Costs for older adults (and everyone)

Post by clemencia2us »

yes it is sad

And it is sad that some refuse help. We are all in this together! But I guess that "pull yourself up by your bootstraps" way of thinking makes people sensitive to that.

For example our foodbanks - I tell people to take advantage of them - save money on food.

The government is paying the farmers a subsidy and I doubt they are turning it down!!

I tell people that I should just start going to the grocery store = getting my bread and milk and walk out. I've already paid for it in taxes - :mrgreen:
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MackerelCat
Posts: 7260
Joined: Thu Aug 27, 2015 9:44 pm

Re: Prescription Costs for older adults (and everyone)

Post by MackerelCat »

When I worked at the church, I used to tell people to go to the food bank to free up what money they had for other necessities. One great thing that came out of Covid was the establishment locally of three thriving church food pantries right around our neighborhood. They are much easier to get to than the main food bank.

Regarding drug prices: there are times when it's cheaper to use a GoodRX card than run a prescription through your insurance. I am not sure how widespread they are, but Genoa Healthcare pharmacies, which are often located inside community clinics, have astoundingly low prices. I used to take Homeless Buddy there to get his medication. He paid $3 for the gabapentin to treat his diabetic nerve pain.

I am considering switching my prescriptions there. It is less convenient because they are closed on the weekends, but an 80 percent savings is not to be sneezed at.
Mackie
HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: Prescription Costs for older adults (and everyone)

Post by HappyDaze »

floridacatlover wrote: Sun Dec 05, 2021 5:38 pm It would be the $26k if that is what you take from your pension. (I’m thinking you must have a 401k or 403b and can withdraw whatever you need. Is that correct?)

Also, if you have any savings outside of a 401k like a cd or regular savings account, you can use that and it doesn’t count towards your taxable income and would not affect the subsidy. So if you took $26k from your pension/403b and needed an extra $2k for a big household expense or something and took it from a cd or savings account - or Roth IRA if you have one - that doesn’t count toward the income for your subsidy. Does that make sense?
Yep, makes perfect sense, thank you so much!! Yes, I have a 403(b) and my pension from my previous job (1993 to 2001) is in a regular IRA. We have a financial advisor who comes to my job and meets with anyone who wants to. He suggested opening a ROTH IRA, so I plan on doing that also. I really appreciate your expertise, Florida, thank you again!!
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

Charles M. Schultz
LogicsHere
Posts: 3126
Joined: Sat Aug 29, 2015 9:49 am

Re: Prescription Costs for older adults (and everyone)

Post by LogicsHere »

Reading your post about this woman made me want to cry. I, too, believe that no one should have to go without the medication they need. This country is full of hypocrites who say they are pro life but when it comes to the elderly, they say good bye and good riddens or hurry up and die so we can get our inheritance.
HappyDaze
Posts: 4186
Joined: Tue Oct 15, 2019 11:11 am

Re: Prescription Costs for older adults (and everyone)

Post by HappyDaze »

LogicsHere wrote: Mon Dec 06, 2021 8:14 am Reading your post about this woman made me want to cry. I, too, believe that no one should have to go without the medication they need. This country is full of hypocrites who say they are pro life but when it comes to the elderly, they say good bye and good riddens or hurry up and die so we can get our inheritance.
I know, Logics, I cried all the way home from the store. I was mad too - how dare they let her leave without her medicine when there are things that can be done to lower the cost. WHAT??? Do doctors ask if copays can be afforded? Do pharmacies look for discounts without being asked? NO. It is criminal.
"All his life he tried to be a good person. Many times, however, he failed. After all, he was only human. He wasn't a dog."

Charles M. Schultz
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