Get the Most from Medicare: Understanding Prescription Drug Plan Costs
The Medicare Part D prescription drug plan is an optional part of Medicare that helps pay for prescription medications. If you have Medicare Part D coverage, you’ll pay a monthly premium and may also have to pay a deductible before your plan starts to cover your medications. The costs of your Medicare Part D plan will depend on the plan you choose and the medications you take.
How to Save Money on Medicare Part D
There are a number of ways to save money on your Medicare Part D plan.
Here are a few tips:
Compare plans. There are many different Medicare Part D plans available, so it’s important to compare plans to find the one that’s right for you. You can compare plans by using the Medicare Plan Finder tool at www.medicare.gov or by calling 1-800-MEDICARE (1-800-633-4227).
Use a generic drug. Generic drugs are typically much cheaper than brand-name drugs, and they work just as well. If your doctor prescribes a brand-name drug, ask if there is a generic equivalent available.
Get your prescriptions filled at a discount pharmacy. Discount pharmacies offer lower prices on prescription drugs than traditional pharmacies. You can find a discount pharmacy near you by using the Medicare Plan Finder tool at www.medicare.gov or by calling 1-800-MEDICARE (1-800-633-4227).
Take advantage of extra help. If you have limited income and resources, you may be eligible for Extra Help, a government program that can help you pay for your Medicare Part D premiums and deductibles. To learn more about Extra Help, call 1-800-MEDICARE (1-800-633-4227).
How to Enroll in Medicare Part D
You can enroll in Medicare Part D during the Initial Enrollment Period (IEP), which begins three months before the month you turn 65 and ends three months after the month you turn 65. You can also enroll during the Annual Enrollment Period (AEP), which runs from October 15 to December 7 each year.
To enroll in Medicare Part D, you can:
Call 1-800-MEDICARE (1-800-633-4227).
Visit your local Social Security office.
Enroll online at www.medicare.gov.
Once you’re enrolled in Medicare Part D, your coverage will begin on the first day of the month after you enroll.
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