A new survey shows that most U.S. citizens on Medicare don’t realize just how much they’re paying out of their own pocket.

The study looked at “specialty tier” drugs under the Part D prescription drug plan.  Specialty tier drugs are mainly expensive name brand drugs.

At least half the people surveyed thought only a co-pay was required. Specialty tier drugs require a co-insurance, not just a co-pay.  Also, most people greatly underestimated how much they would have to fork up out of their own pockets, even with the specialty tier coverage.

The study was conducted by NERA Economic Consulting.