Using Prescription Discount Cards with Medicare Part D

The Kaiser Family Foundation estimates that nearly 71 percent of the 57 million people on Medicare are enrolled in a Medicare drug plan, also called Medicare Part D. If you are one of those Americans, you know that even with drug coverage, there may be times when you must pay out-of-pocket for your prescription medications.

The Medicare Part D Coverage Gap

Most Medicare drug plans have a coverage gap, which begins in a given year after you and your drug plan have spent a certain amount of money on prescription drugs. This gap is often referred to as the “donut hole.” In 2018, once you and your plan have spent $3,750 on covered drugs, you are in the donut hole.

While in the coverage gap, your Medicare plan will only cover a percentage of your costs, and you will be required to pay the rest out-of-pocket until you reach the other side of the gap. How do you reach the other side of the Part D coverage gap? By having spent $5,000 out-of-pocket on covered drugs. Then, you automatically qualify for catastrophic coverage.

The challenge for patients, of course, is budgeting for the donut hole. A prescription discount card can be a valuable tool for managing those drug costs.

Using a Drug Discount Card in the Donut Hole

Regardless of how much you’ve spent on your medications this year or when you think you’ll be in the donut hole, you can sign up for a prescription discount card like FamilyWize at any time.

There is no need to wait until you enter the coverage gap to use your discount drug card or mobile app. Most cards, including FamilyWize, may be used to obtain savings on prescription drugs that are excluded by your Medicare insurance plan. And whether you’re in the Part D donut hole, or your medications are not covered because you have exceeded your plan's maximum limits, it’s worth comparing your costs to the discounted price . In some cases, a discount card's price is lower than your provider’s copay amount!

Every time you visit the pharmacy to pay for a prescription, show the discount card first. FamilyWize users save an average of 45 percent on their prescription medications.

Pharmacies nationwide, including major chains and independents, accept drug discount cards. It is always smart to check with your local pharmacy to see if your card will be accepted.

To sign up for the FamilyWize card, simply visit https://familywize.org/free-prescription-discount-card and download our free card or mobile app instantly. There are no eligibility requirements and no fees.

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