By Shannin Prather
January 2021 | 2021 Winter Newsletter
The average person with Medicare coverage spends at least $600 on prescriptions each year, according to a 2016 study by the Kaiser Family Foundation. The cost can be much higher for individuals who have multiple chronic conditions. Affording medications can seem challenging, but there are programs that can help alleviate the cost.
A benefit that Medicare recipients should consider is the Medicare Part D Extra Help program. Social Security and Medicare can help recipients who have low-income and low access to resources save money on Part D drug prescription plan premiums and copayments at the pharmacy.
Medicare recipients who do not qualify for Part D Extra Help may be able to sign up for the State Prescription Assistance Program (SPAP). In California, the SPAP program is known as the California Rx Card and it is free for everyone in the state. The Rx card can be used to receive discounts on prescriptions that are not covered by health insurance or can be used instead of insurance when it offers greater savings than the copay.
Several national charity programs exist to assist people with Medicare coverage to afford their medications. Many of these specifically focus on assisting people with chronic conditions and rare diseases.
To find out what assistance may be available to you, the National Council on Aging’s free BenefitsCheckUp tool can help screen for major discount programs you may be eligible for. To find out which assistance programs you may qualify for, visit benefitscheckup.org.