Slash Your Part D Premiums 2020 with Simple Tips
If you're looking to slash your Part D premiums in 2020, now is the perfect time to browse options and discover simple yet effective strategies that can lead to significant savings on your prescription drug coverage.
Understanding Medicare Part D
Medicare Part D is a federal program designed to help subsidize the costs of prescription drugs for Medicare beneficiaries. With the rising costs of medications, finding ways to reduce your premiums can significantly impact your financial well-being. The average monthly premium for Part D in 2020 was approximately $32.741, but many beneficiaries pay more due to plan differences and income-related adjustments.
Explore Plan Options
One of the most effective ways to reduce your Part D premiums is to shop around during the annual enrollment period. Plans vary widely in terms of cost and coverage, so it’s crucial to compare different options. Use the Medicare Plan Finder tool to search options and find a plan that meets your needs and budget2. By comparing plans, you may find one with a lower premium or better coverage for the medications you need.
Consider Generic Drugs
Switching to generic drugs can also help reduce your overall costs. Generic medications are typically less expensive than their brand-name counterparts and are just as effective. Many Part D plans offer lower co-pays for generics, which can lead to significant savings over time. Discuss with your healthcare provider the possibility of switching to generic alternatives for your prescriptions.
Apply for Extra Help
The Extra Help program is a federal initiative that assists low-income individuals in paying for Medicare prescription drug program costs. If you qualify, you could significantly reduce or even eliminate your Part D premiums and other related expenses. Eligibility for this program is based on income and resources, and you can apply through the Social Security Administration3.
Review Your Current Medications
Regularly reviewing your medications with your healthcare provider can also lead to savings. Some medications may no longer be necessary, or there may be more cost-effective alternatives available. By optimizing your medication regimen, you can reduce the number of prescriptions you need, thereby lowering your overall costs.
Take Advantage of Pharmacy Networks
Many Part D plans have preferred pharmacy networks that offer lower co-pays and discounts. By using these preferred pharmacies, you can save money on your prescriptions. Check with your plan to see which pharmacies are included in their network and consider transferring your prescriptions if it leads to cost savings.
By taking the time to explore various options and make informed decisions about your Medicare Part D plan, you can significantly reduce your premiums and overall prescription drug costs. Whether it's comparing plans, opting for generics, or applying for assistance programs, there are numerous strategies available to help you manage your healthcare expenses more effectively. As you consider these opportunities, remember to visit websites and utilize the resources available to ensure you're making the best choices for your financial and health needs.