Government Prescription Drug Plan Explained for Seniors

The Problem

With the high cost of prescriptions, it’s more important than ever to find ways to cut your medication costs. This is especially true if you’re a senior on a fixed income. That’s why it’s so critical for older Americans to sign up for Medicare prescription drug coverage. Even if you’re healthy today, you never know when serious illness may strike, making prescription drugs absolutely necessary to restore you to good health.

The Solution

What you may not realize is that Medicare can pay for nearly all of your medication costs. In fact, one-third of all the people who qualify for Medicare can obtain prescription drugs for next to nothing.

To take advantage of this free Medicare prescription program, you simply have to call the Social Security Administration at 1-800-772-1213. For additional resources, you can visit the agency’s website at http://www.socialsecurity.gov/.

Getting Your Prescriptions Close to Home

With the Medicare prescription drug program, chances are good that you can obtain your medication from a pharmacy near you. Numerous pharmacies have partnered with the federal government in order to make the program as convenient for seniors as possible. In some cases, you may even be able to have your medication mailed directly to your home, saving you time and the money you would spend on gasoline for your trip to the pharmacy.

Eligibility

If you learn less than $11,500 as a single person, or $23,000 as a married one, you can qualify for financial assistance in obtaining prescription drugs. You can actually apply for the program online at the Social Security website. If you qualify, you can enroll without having to pay a penalty, since the penalty is waived for individuals who are eligible for the free program.

Low Income Subsidy

With this low income subsidy, you’ll pay no premium and have no yearly deductible. Your co-payment can be as low as $2 for generic drugs and $5 for name-brand drugs. What does this all mean? It means you could be saving as much as $3,700 a year in prescription drug costs!

Learning More About the Plan

The best resource for learning more about the prescription drug plan is the Medicare Prescription Drug Plan Finder website here . There, you can determine whether the plan will meet your needs. The right plan is one that 1.) is affordable; 2.) covers your meds; and 3.) includes your local pharmacy.