Do you know that you could save up to $541 per year on your prescription drug coverage? This average amount of Medicare Part D savings in 2017 was calculated based on an eHealth study involving over 30,000 user sessions for the PlanPrescriber Medicare insurance plan comparison tool, between October 15 and December 7, 2016, in which an end user provided the requested data (which included information such as zip code, current prescription medications, and insurance coverage). Average Part D savings were calculated by subtracting the estimated current cost an end user was paying for prescription medications and insurance (if any), from the cost for the same medications offered by the plan that presented the highest amount of savings to the end user, as calculated by eHealth’s Medicare Prescription Drug Plan comparison tool.
Your actual savings may vary depending on a variety of factors. For instance, if you purchase higher-cost, brand-name prescription medications, you will most likely save less money than if you were to purchase cheaper, generic medications. Additionally, geographic location and the availability of the type of plan in your area might also affect your out-of-pocket costs. The types of benefits and coverage may vary between plans; the average savings examines only plans presented by PlanPrescriber that offer only prescription drug coverage. Plans presented may not include the same benefits or coverage as your existing plan.
Saving money on Medicare Part D Prescription Drug Plans
Another way that eligible beneficiaries might save money on their Medicare Prescription Drug Plans is through prescription drug savings programs such as the Extra Help Program, also known as the Low Income Subsidy (LIS). To be eligible for this program, you must fall below certain income and resource limits. If you qualify, you may receive assistance with prescription drug copayments, premiums, and deductibles. You may automatically qualify for Extra Help if you have full Medicaid coverage, get Supplemental Security Income (SSI) benefits, or are enrolled in a Medicare Savings Program. If you do not automatically qualify, then you must apply for the program and be accepted to receive coverage.
The amount offered by the program differs based on your level of income and resources. To see how much Extra Help you are able to receive, you must send your plan either the purple notice from Medicare saying you automatically qualify, a yellow or green automatic enrollment notice, a Social Security “Notice of Award,” or an orange notice from Medicare announcing a change in your copayment rate.