Can You Save on Prescription Drugs When on Medicare?

Medicare drug coverage has limits, yet copays still sting. Here’s how to lower your out-of-pocket costs.

From Extra Help to discount cards, there are ways to cut prescription expenses before you hit the cap. Zamrznuti tonovi/Shutterstock

Although Medicare parts D and C provide prescription medication coverage, you may still face high costs. This can happen even with the new reforms. However, there’s a cap on annual out-of-pocket costs for prescriptions covered in Part D and Part C. According to the Centers for Medicare & Medicaid Services (CMS), the 2026 cap is $2,100.

But until you reach that cap, you’ll probably need to pay copayments and or coinsurance. Those charges can hit the wallet hard. Fortunately, there are ways to keep your prescription drug costs lower.

State and Federal Programs That Lower Costs

There are several ways to lower your prescription drug costs. If you have limited income and resources, you may be eligible for one or more federal or state programs. Private programs are also available.

Medicare Extra Help Saves $5,700 per Year

If you have limited income, Extra Help is a Medicare program that helps pay your Part D prescription drug costs. It will help with deductibles and copays.