Slash Part D Premiums 2020 with This Genius Hack

Understanding Part D Premiums

Medicare Part D provides prescription drug coverage and is an essential part of healthcare for many seniors. However, the cost of premiums can be a significant burden. In 2020, the average monthly premium for a Part D plan was approximately $30¹. While this may seem manageable, costs can quickly add up, especially if you're on a fixed income.

The Genius Hack to Slash Your Premiums

One effective way to reduce your Part D premiums is to compare plans annually and switch if necessary. Each year, insurance providers adjust their plans, which means a plan that was cost-effective last year might not be the best option this year. By taking the time to search options and compare the available plans, you can find one that offers the coverage you need at a lower cost.

Many Medicare beneficiaries are unaware that they can switch plans during the annual enrollment period, which runs from October 15 to December 7. During this time, you can browse options and enroll in a plan that better fits your needs and budget. According to the Kaiser Family Foundation, only about 10% of beneficiaries switch plans annually, even though those who do often find better deals².

Maximizing Savings with Low-Income Subsidies

If you have limited income and resources, you may qualify for the Extra Help program, which can significantly lower your Part D premiums and out-of-pocket costs. In 2020, this program was estimated to provide an average annual savings of about $5,000 per beneficiary³. To determine eligibility, you can visit websites like the Social Security Administration or contact your local Medicare office.

Exploring Additional Cost-Saving Measures

Beyond switching plans and seeking subsidies, there are other strategies to reduce your Part D costs. Consider opting for generic drugs instead of brand-name prescriptions, as they are often significantly cheaper. Additionally, some pharmacies offer discount programs that can further reduce the cost of your medications.

Another option is to use mail-order services for your prescriptions, which can offer lower prices and the convenience of having medications delivered directly to your home. By taking advantage of these various strategies, you can see these options and potentially save hundreds of dollars each year.

Taking Action to Reduce Your Costs

Reducing your Part D premiums and overall prescription drug costs requires proactive steps. Begin by reviewing your current plan, comparing it with other available options, and determining if you qualify for any subsidies. By doing so, you can ensure that you're not overpaying for your medications and that your healthcare remains affordable.

Remember, the key to saving money on Part D premiums lies in being informed and taking advantage of the resources available to you. With the right approach, you can manage your healthcare costs more effectively and enjoy peace of mind knowing that you're making the most of your Medicare benefits.

References

• Centers for Medicare & Medicaid Services - 2020 Part D Premium
• Kaiser Family Foundation - Medicare Part D Enrollment 2020
• Social Security Administration - Extra Help with Medicare Prescription Drug Plan Costs