Medicare Prescription Payment Plan (M3P)

What this program is, in plain English

Anyone with a Medicare drug plan can use the Medicare Prescription Payment Plan. It spreads what you owe across the year; it does not reduce the total. Instead of paying a large amount at the pharmacy counter, you pay nothing at the pharmacy and your plan sends you a monthly bill spread across the rest of the calendar year. There is no interest and no fee. This does not lower your total cost. It changes when you pay it. This matters because your yearly out-of-pocket cap can be reached in a single trip to the pharmacy in January if you take an expensive drug. You do not sign up with Medicare or with us. You sign up through your own Part D or Medicare Advantage drug plan, using the number on the back of your plan card.

What you actually get

Turns a large one-time pharmacy bill into level monthly payments with no interest. Fewer than one percent of eligible members used it in its first year, so most people who would benefit have never heard of it.

Who qualifies

• Income limit: Not yet verified — call to confirm
• No income test. Anyone in a Medicare drug plan may opt in. Most useful if you expect high drug costs early in the year.

What to have ready

• Your Medicare drug plan member card

How to apply

This program is run by Your own Part D or Medicare Advantage drug plan, under rules set by the Centers for Medicare & Medicaid Services. Most decisions take Plans must process an election within 24 hours during the plan year in urgent pharmacy situations, and within 10 calendar days otherwise.