Pills & Bills
- Ben Murray
- Sep 21, 2023
- 2 min read
Updated: Oct 23, 2024
Saving a money on your 'scripts today & curbing federal drug spending tomorrow.
If you're a Medicare beneficiary, managing prescription drug costs can be a significant concern. The good news is that there are various programs and strategies to help alleviate the financial stress associated with prescription drugs. In addition, there are also several changes slated for 2024 & 2025 as part of the The Inflation Reduction Act of 2022 that will help curb drug spending moving forward.
First, let's explore some ways you can save on your medication expenses...
Extra Help Program: This federal initiative assists in covering your out-of-pocket costs related to Medicare prescription drug coverage. Your eligibility depends on your income and assets, with specific thresholds for individuals and couples. Even if you think you exceed these limits, certain types of income and assets may not be counted. You may automatically qualify for Extra Help if you have Medicaid, Supplemental Security Income, or a Medicare Savings Program. Extra Help can help pay your Part D premium, reduce prescription drug costs, offer flexibility in changing Part D plans, and eliminate Part D late enrollment penalties. Remember, it complements Part D and does not replace it.
State Pharmaceutical Assistance Program (SPAP): Many states offer SPAPs designed to assist residents with prescription drug expenses. Each program operates differently, with some coordinating with Part D and others requiring Part D enrollment for eligibility. SPAPs may continue coverage during the Part D coverage gap, help with Part D plan costs like premiums, deductibles, or copayments, and offer Special Enrollment Periods in certain cases. Contact your local State Health Insurance Assistance Program (SHIP) to determine if your state has an SPAP and if you qualify.
Alternative Cost-Saving Strategies: Regardless of Extra Help or SPAP eligibility, there are additional options to consider:
Consult with your doctor about using generic drugs, which are often more affordable than brand-name counterparts.
In cases of temporary difficulty accessing medication, ask your doctor about obtaining samples.
Discuss the possibility of waiving copayments with your pharmacist, as they may consider it on a case-by-case basis.
For medications from hospital pharmacies, inquire about charity care programs that offer lower-cost access.
Explore national or local discount programs listed on websites like NeedyMeds.org or GoodRx.com.
Check if you qualify for Patient Assistance Programs (PAPs) directly from drug manufacturers. In most instances, your doctor can apply on your behalf.
Current & Future Changes
Info on the 2025 changes: $2000 CAP ON RX: Understanding the New prescription Cap & Payment Plan for 2025
If you’d like me to help you or someone you care about figure out the best Medicare route, please reach out to me TODAY! -> CONTACT BEN <-
