Dear Marci,
My doctor put me on a few new medications and my drug costs are becoming more difficult to afford. Is there any way to reduce my Part D costs?
- Arjun (Reno, NV)
Dear Arjun,
I’m sorry to hear that! That’s a concern for so many. There are a few programs and strategies that might help you save money on your prescriptions.
If your income is below $1,903 per month as an individual, or $2,575 if married, and you also have limited assets, you could be eligible for Extra Help. Extra help is a cost-assistance program that can help you pay for your prescription drugs and pays for a portion of your Part D premium.
There are also State Pharmaceutical Assistance Programs (SPAPs) offered by most states that can help you pay for your prescription drugs. Some SPAPS also help pay for your Part D plan’s premium, deductible, and/or copays. Check this list of State Pharmaceutical Assistance Programs to find out if your state has an SPAP, to find out if you’re eligible, and how to enroll. You can also contact your State Health Insurance Assistance Program (SHIP) to learn about possible SPAPs in your state.
If you do not qualify for these programs, check out these other options and strategies for those who are having trouble affording drug costs. For example, some of your medications may have manufacturer discounts or coupons that you can find on www.NeedyMeds.org.
Also note that beginning in 2025, your Part D out-of-pocket costs will be limited to $2,000 in deductibles, copays, and coinsurance. Learn more about Part D changes due to the Inflation Reduction Act here.
Best of luck,
-Marci
Health Tip
One in two women and up to one in four men over the age of 50 will break a bone due to osteoporosis. Osteoporosis occurs when the normal holes and spaces in the bones increase, weakening the bones and making them more likely to break. However, there are steps we can take to prevent it no matter our age!
Ensure there’s enough calcium and vitamin D in your diet.
Exercise regularly, especially weight-bearing and muscle-strengthening exercise.
Avoid smoking and heavy drinking.
Get a bone density test if you are a woman over the age of 65, or a man over the age of 70.
Comments