3 Tips to Save $ on Drugs with Medicare Part D

Many folks who are turning 65 or getting onto Medicare for the first time find that the overall health coverage they experience as a Medicare beneficiary is more robust, and often less expensive than the health insurance coverage they had prior. But often times people are surprised to learn that they will actually pay MORE for their medications when they are on Medicare.

Medicare drug coverage can be obtained either through a stand alone Part D drug plan, or through a Medicare Advantage Plan that includes Part D drug coverage. Every year, Medicare has a set formulary, or list of drugs that all Medicare Part D drug plans must cover. Aside from that, plans can differ in which medications they include in their particular formulary. Medicare has no “cap” on your out of pocket drug costs, and if you’re taking expensive medications you may fall into the “donut hole” or coverage gap. This means that when you reach a certain spending threshold, you’ll be responsible for a greater portion of the cost of your drugs. If you find that your Medication costs are getting too expensive, there are a few alternatives I like to recommend.

Lastly, many folks tend to go on auto pilot when it comes to their stand alone Part D coverage. It is so important to shop your Part D drug plan annually during the Medicare Annual Election Period, which runs every fall from Oct. 15th — Dec. 7th. Each year your Part D Plan benefits can change, the formulary and tiers can change, and it’s important to review your policy annually to maximize your savings.

[mikeweber]

Stephanie thank you for all your videos. Most are caption enabled and I would certainly love it if you could do that for this one.

[robbidgood]

I've got Medicare Part D through my Medicare "replacement policy" and I would have to pay about $65 per month for my medication. Through Blink Health, I get it for under $20 and they mail it right to my mailbox!

[youngtimer]

All of your videos have been tremendously helpful to me as I approach 65. Thank you very much. How can you know if a prescription will cost more using part D compared with cash/coupons? Try it both ways?

[sunnymagnuson]

$14000 per year where i live is fundamentally homeless!

[johnking]

very nice presentation ! "no spin" just reality in understandable language & terms !