Will Rx Drug Costs Eat Up 20% of Your Social Security Benefits?
It’s possible. Christy Bieber’s article here reports data from the Senior Citizens League showing out-of-pocket costs seniors paid for prescription drugs came in at an average of $3,875 per year in 2019. For those receiving the average Social Security benefit of $1,519 for retired workers, that means medications could take up about 1/5 of the $18,229 in annual Social Security benefits. This leaves one with precious little to cover essentials, including any other healthcare required over the course of the year. Read the full piece here which covers HSAs and finding the right Medicare Plan.
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