Saving Money on Prescription Drugs
Medicare Prescription Drug Plan
Since January 1, 2006, Medicare has been offering insurance coverage for prescription drugs. Although May 15, was the enrollment deadline, you may be able to sign up without a late penalty if your income is low.
At the end of the year, you will the have opportunity to change plans (or enroll with a late penalty if you have not already enrolled). Costs and coverage vary. Here are some suggestions:
- What are your out-of-pocket drug costs?
- Keep a list of the name, dosage, and cost of the prescriptions you use. Since different plans will cover different drugs, this will help you choose a plan that meets your prescription needs.
- If you have a limited income, you may qualify for a Medicare prescription drug plan with little or no premiums or deductibles, and low co-payments.
- If you have prescription drug coverage through a former employer or union, check with your benefits administrator. Medicare prescription drug coverage may be different for you.
Visit Medicare's Prescription Drug Coverage or call 1-800-MEDICARE or California HICAP (1-800-434-0222).