After enrolling in Medicare, US Intel retirees can choose IRMP with Rx coverage or the standard Medicare Part D plan for prescriptions. While the IRMP with Rx monthly premium is high ($500/mo) there are no deductibles. There is a low set copay for drugs and the formularies are very rich (same formulary as an active employee).
On the other hand, Medicare Part D plans can be purchased for $0 to a very moderately priced monthly premium. The true out of pocket however for these plans is $6,350. You can be reimbursed with your Intel CatRx benefit only after spending your true out of pocket.
The Intel benefits team created a slide deck to explain the Intel Catastrophic Rx benefit and show the difference between CatRx and IRMP w/RX. If you spend a significant amount of money on prescriptions and/or require specialty medications that Medicare Part D may not offer, you should review this slide deck to ensure you choose a plan that best suits your needs.
For more information on Intel’s CatRx benefit, you can go online at www.intel.com/go/myben or call 877-GoMyBen (466-9236).