Those with Medicare prescription drug coverage will soon be able to pay their out-of-pocket costs in monthly installments.
This could help Medicare recipients with high monthly prescription drug costs.
With Medicare prescription drug plans, the most you have to pay each year $2,000. But if your prescriptions cost you $500 a month, you still have four large monthly payments to make before you hit the maximum. Your prescriptions will be free after that, but getting to that point can be difficult.
With the Medicare Prescription Payment Plan, beneficiaries can spread their costs out over 12 months. So instead of paying $500 per month for four months, you would pay $166.67 every month.
The plan begins Jan. 1, 2025.
Allyson Good curates senior living, health, and family content. She is formerly the Managing Editor of Active Life, a print newspaper published in 2016-2017 for seniors, choosing practical articles on health, money, safety, and everyday living for older readers. She is also an avid gardener and offers up Garden Hints and Tips on a regular basis.
