Save Big on Part D Premiums 2020 Secrets

Strategies for Reducing Part D Premiums

One effective strategy to reduce your Part D premiums is to shop around during the Medicare Open Enrollment period, which runs from October 15 to December 7 each year. During this time, you can compare different plans and switch if you find a more affordable option that meets your needs. Additionally, consider generic or lower-cost drugs that might be covered under different tiers of your plan, as this can also influence your overall costs.

Another way to save is by checking if you qualify for the Extra Help program, which assists those with limited income and resources to pay for Medicare prescription drug program costs, including premiums, deductibles, and coinsurance. In 2020, individuals with an income below $19,140 and couples below $25,860 may qualify for this assistance².