Understanding the Medicare Prescription Drug Discount Card
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There has been, at times, misleading information about the Medicare Prescription Drug Discount Card. Some people believed the program is mandatory, which is not true. The program is entirely voluntary and has been shown to be helpful to those that have applied. However, consumers should be on guard against scam artists that continue to capitalize on confusion surrounding the Medicare Prescription Drug Discount Card. The best way to protect oneself against scam artists is to be well informed. Information on the Medicare Prescription Drug Discount Card is available at http://www.medicare.gov or by calling: 1-800-MEDICARE (1-800-633-42273) for more information and assistance.
What is the Medicare Prescription Drug Discount Card?
The government instituted the Medicare Prescription Drug Discount Card in 2004 when new Medicare Part D drug benefit began. After that date, private companies – also known as card sponsors – began to offer discount drug cards that have been approved by Medicare. Each eligible Medicare beneficiary has the opportunity to choose from two discount cards offered by two different companies. The companies must also be approved by Medicare.
The card holder can choose between approved companies to find the best program that will suit individual needs and offer discounts on the appropriate prescription drugs (called formularies). The chosen discount card should cost the consumer no more than $30 per year. It will offer potential savings of 10% to 15% on average, for approved prescription drugs. Details on which drugs are approved will be provided by the company as well as Medicare.
