Article by Bridgette Paoletta, Coordinator of Aging Services
The Medicare Prescription Payment Plan is a payment option that works with your current drug coverage to help you manage your out-of-pocket costs for drugs covered by your plan by spreading them across the calendar year (January–December). Medicare beneficiaries with high prescription drug costs may be able to spread their out-of-pocket prescription expenses. This option is available to people with Medicare Part D coverage, including those enrolled in a Medicare Advantage plan with prescription drug coverage.
Instead of paying the full cost of covered prescriptions at the pharmacy, participants receive their covered prescription drugs without paying the pharmacy at the time of purchase. The prescription costs are then spread into monthly payments to their Medicare drug plan for the remainder of the calendar year.
The Medicare Prescription Payment Plan does not reduce the total amount you owe for your prescriptions. It changes when you pay. Your monthly payment amount may vary depending on when you join the program and the cost of your prescriptions.
There is no fee to participate in the Medicare Prescription Payment Plan. However, you must continue making your monthly payments to your Medicare drug plan. You may also choose to leave the program at any time, although you will still need to pay any remaining balance.
The payment plan may be especially helpful for people who have large prescription costs early in the year and would prefer to spread those expenses over several months. However, it may not be the right choice for everyone. Your Medicare plan can provide an estimate of your monthly payments and explain how the program would work for you.
During Medicare Open Enrollment, October 15 through December 7, review your prescription coverage and ask your Medicare plan about the Medicare Prescription Payment Plan for the upcoming year.
If you need assistance with Medicare, contact the Chautauqua County Office for Aging Services and NY Connects. You can visit one of our office locations, email CCNYC@chqgov.com, or call 716-753-4582.
