Medicare drug costs savings and Extra Help
Some of the most important considerations when it comes to Medicare prescription drug plans are, whether your plan policy covers your medicine, and to which extent.
Even when you have one of the best Part D plans, or Advantage plans with drug coverage, you need to read your policy carefully in order to find out about the drug coverage of your plan. Make sure that the drugs you take regularly are covered, as many seniors have been unpleasantly surprised to find out that the plan they enrolled in does not cover the prescriptions they need.
If you find that your medication or pharmacy is not or not fully covered, and switching or canceling the plan is not an option, here are
How To Lower Your Expenses For Prescription Drugs
- Look into turning to prescription drugs that are less costly.
- Check with your doctor if there are off brand, over-the-counter, or less costly brand medications that would work as well as the drugs you are currently taking.
- Start thinking about choosing mail-order drug stores.
- Make use of the official Medicare Plan Finder to evaluate Part D plans to help find a coverage that is cheaper.
- Moving over to cheaper medications can save you a great number of dollars a year.
- Check into store brand prescription drugs. Talk to your family doctor if one can find generics which will serve as effectively as your existing medications.
- Look into Drug Manufacturer Prescription Drug Assistance Programs that exist by the suppliers of the medications you use.
Switching Prescription Drug Plans
If you think of switching to a plan that works better for you, your next chance to change your plan will be during the annual election period from October 15 to December 7 each year (unless you qualify for a ‘special enrollment period’). Your coverage will begin on January 1, 2024.
Make sure to compare all your options before you enroll. Even though costs are fundamental, it’s not necessarily the sole thing to take into account while shopping for a Part D plan policy. You must analyze the plan’s formulary and its network too in order to make a choice. A very important factor you need to understand about a Part D prescription drug plan is that not one plan is perfect for everyone. There are numerous insurance plans that are ideal for individuals who are only on off-brand prescription drugs, while some are created for anyone having consistent illnesses, including all forms of diabetes. It actually is under your control to research the insurance plans depending on your existing health condition.
If you need information about Medicare prescription drug plans or how to enroll in a plan, you may also contact the State Health Insurance Assistance Program (SHIP).
Extra Help For Medicare Beneficiaries With Low Income
For those with restricted taxable income and resources, Medicare health insurance offers you Extra Help with Part D costs. Extra Help handles the cost of your Medicare Part D prescription drug plan, including insurance premiums as well as prescription co-payments. If your primary taxable income is over a certain maximum, you need to pay an extra amount in addition to your plan premium.
More information on ways to save money on your prescription drugs is also available by visiting medicare.gov and selecting “Compare Medicare Prescription Drug Plans.”
