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Health care costs are a big expense in retirement — and prescription drugs often top the list.
About 5.8 million Medicare beneficiaries struggled to afford essential prescription drugs in 2019, according to a 2022 report from the US Department of Health and Human Services.
Early retirees can utilize prescription discount cards and apps like GoodRx to save money on medications.
But most of these programs can’t be combined with Medicare drug plans, leaving many retirees searching for ways to cut costs.
In this guide, we’ll break down how the Medicare Part D program works, average costs and how to compare prescription drug plans to make sure you’re getting the best deal.
We’ll also discuss assistance programs that can cut your out-of-pocket drug costs, as well as a nonprofit organization that can help you find the right Part D coverage for you.
What Is Medicare Part D?
Medicare Part D is a voluntary prescription drug program, administered through private insurance companies approved by the federal government.
Medicare beneficiaries can choose to get Part D coverage in one of two ways:
- A standalone Part D plan that supplements Original Medicare (Part A and Part B).
- A Medicare Advantage plan (Part C) that bundles all benefits together, including prescription drug coverage.
You generally can’t combine Medicare Advantage plans with a standalone Medicare Part D plan. Either you’re enrolled in Original Medicare with a standalone Part D plan or you’re enrolled in an “all-in-one” Medicare Advantage plan with built -in Part D coverage.
If you’re in the market for a new Part D plan, there are many to choose from.
In 2022, there are over 760 stand-alone Medicare Part D plans, according to the Kaiser Family Foundationa nonprofit organization focused on health care policy.
There’s also hundreds of Medicare Advantage plans with prescription drug coverage available at the local level.
How Much Does Medicare Prescription Drug…
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