Savvy Senior: How to find a cheaper Medicare drug plan
Dear Savvy Senior: What’s the easiest way to compare Medicare Part D prescription drug plans? My Part D premium is increasing again in 2025, so I would like to use the open enrollment period to find and sign up for a cheaper plan. — Shopping Around
Dear Shopping Around: Research shows that many Medicare beneficiaries with Part D coverage can lower their prescription drug costs by shopping among plans each year during the open enrollment period, Oct. 15 to Dec. 7.
There could be another Part D plan in your area that covers the drugs you take with fewer restrictions or with lower costs. You never know until you look.
You’ll also be happy to know that thanks to the Inflation Reduction Act, annual out-of-pocket costs will be capped at $2,000 for all Medicare Part D beneficiaries in 2025.
Here are tips and tools to help you shop and compare Part D plans.
Plan finder tool
If you have internet access, you can easily shop for and compare all Medicare drug plans in your area and enroll in a new plan online, and it only takes a few minutes.
Go to the Plan Finder Tool at Medicare.gov. You can do a general search on the right side of the page. If you wish to save your drugs and pharmacy information, you can log into or create your Medicare account on the left side of the page.
Next, type in your ZIP code and choose the type of coverage you’re looking for, enter the drugs you take, choose the pharmacies you use and indicate whether you are interested in a mail order option.
The plan finder will display results for plans in your area. Be aware that a plan may not cover all of the drugs you take, but it may cover alternatives. It will also tell you if the plan has a deductible and how much the monthly premium is.
Initially, the plans will be sorted by “lowest drug + premium costs.” This is the closest estimate to what you may pay out of pocket for your Part D coverage for the year. You can select “plan details” to find out more specifics about coverage, including any coverage restrictions.
Before enrolling, it is a good idea to call the plan directly to confirm any information you read on the plan finder, as information may not be completely up to date.
If you need help, you can call Medicare at 800-633-4227 and they can do this for you over the phone.
Any changes you make will take effect Jan. 1. If you take no action during open enrollment, your current coverage will continue next year.
Extra Help program
If you’re having a hard time paying your medication costs, you may be eligible for Medicare’s Extra Help program. This is a federal low-income subsidy that helps pay Part D premiums, deductibles and copayments.
To be eligible, your annual income must be under $22,590, or $30,660 for married couples living together, and your assets (not counting your home, personal possessions, vehicles, life insurance policies or burial expenses) must be below $17,220, or $34,360 for married couples. For more information, call Social Security at 800-772-1213 or visit SSA.gov.
Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org.