Everything you need to know about the Medicare Prescription Payment Plan
This convenient program can help you better budget for your prescription medications.
Spread the cost of your medications over the year instead of paying in full for each refill. Here’s how the Medicare Prescription Payment Plan works and how to decide if it’s right for you.
How does it work?
If you have Medicare prescription drug coverage, you can opt into this payment option to spread out-of-pocket drug costs into monthly payments instead of paying up front at the pharmacy or for mail-order deliveries. You can join or leave the program anytime.
Is it a good fit for me?
Anyone with prescription drug coverage can opt in. However, it is a better fit for those who have high drug costs early in the year (January–September), such as spending over $600 on a single prescription or reaching the 2025 Medicare out-of-pocket threshold of $2,000.
While you’re still able to participate, it may not be as beneficial if:
- Your monthly drug costs are low.
- You plan to join after September.
- You already get help paying for medications through programs like Extra Help, a Medicare Savings Program, or State Pharmaceutical Assistance Programs.
How much will I pay each month?
Your monthly payment is based on your drugs and when you opt in. Your bill may vary from month to month as you fill more prescriptions and more out-of-pocket costs get added to your owed amount.
How do I pay?
You can pay your monthly bill online or by mail. Visit ibxmedicare.com/ira to access the online payment system or get the payment mailing address.
Will it save me money?
No, this program doesn’t reduce your drug costs. It simply spreads payments over the year for easier budgeting.
Have questions? Visit our website at ibxmedicare.com/ira or call our Member Help Team at the number on the back of your member ID card for more information. You can also watch an educational video on the Independence Blue Cross YouTube channel.
