How to Find an Affordable Medicare Prescription Drug Plan

It is a good idea to compare your Medicare coverage options this fall. Many Medicare beneficiaries with Part D coverage can lower their prescription drug costs by shopping among plans each year during the open enrollment season, which runs from October 15 through December 7.

With some research, you could find another Part D plan in your area that covers the drugs you take with fewer restrictions or with lower costs. While you are shopping, keep in mind that the Inflation Reduction Act will cap annual out-of-pocket costs at $2,000 for all Medicare Part D beneficiaries.

Here are some tips and tools to help you shop and compare Part D plans.

Plan Finder Tool

You can easily shop for and compare all Medicare drug plans in your area and enroll in a new plan online. This is a very convenient option and takes only a few minutes.

To get started online, go to Medicare’s Plan Finder Tool at Medicare.gov/plan-compare. You can do a general search on the right side of the page, under the title “Continue without logging in.” If you wish to save your drugs and pharmacy information, you can log into or create a Medicare account on the left side of the page.

To begin finding plans on Medicare’s Plan Finder, type in your ZIP code and choose the type of coverage you are looking for. You will also be asked to enter information on the drugs you take, the pharmacies you use and 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 the drugs you take, but it may cover alternatives. It will also tell you if the plan has a deductible and the amount of the monthly premium. 

Initially, the plans will be sorted by “lowest drug and premium cost” for the year. 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 that might apply to your drugs. Before enrolling, it is a good idea to call the plan directly to confirm any information you read on Plan Finder since information found online may not be current.

If you need help, contact Medicare at 800-633-4227 and representatives will assist you with finding your plan options over the phone. You may also contact your State Health Insurance Assistance Program (SHIP), which provides free and unbiased Medicare counseling. To find a local SHIP counselor call 877-839-2675 or see ShipHelp.org.

Any changes you make to your coverage will take effect January 1, 2025. If you take no action during open enrollment, your current coverage will continue next year.

Extra Help

If you are low income or need assistance paying for your medication, you may be eligible for Medicare’s Extra Help program. The program is a federal low-income subsidy that helps pay Part D premiums, deductibles and copayments.

To be eligible for Extra Help, your annual income must be under $22,590 or $30,660 for married couples, 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 or to apply, call Social Security at 800-772-1213 or visit SSA.gov/Medicare/part-d-extra-help.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.