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Pocket Money Essay | Essay on Pocket Money for Students and Children in English

February 13, 2024 by sastry

Pocket Money Essay: ‘Pocket Money’ is the term for the money that parents give to their children to spend every month. In America, they call it ‘allowance’. A child can spend this money in anyway he or she likes. Sometimes parents guide their children and help them decide how the money should be spent.

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Short Essay on Pocket Money 200 Words for Kids and Students in English

Below we have given a short essay on Pocket Money is for Classes 1, 2, 3, 4, 5 and 6. This short essay on the topic is suitable for students of class 6 and below.

I also get a fixed amount of pocket money every month from my parents.

I don’t spend all my pocket money. I put some of it in my piggy bank. Since I love chess, I use my pocket money to buy books about the game. Now I have a very good collection of books on chess. Sometimes, I go out to watch a film with my friends. Often we go out for lunch to some restaurant. If I like some music, I use my pocket money to buy tapes and CDs.

Since my sister is still too young, she does not get any pocket money. So, sometimes, I give her some money to spend or buy some things for her. During some months, I’m able to save most of my pocket money. At times I’m not able to save anything at all.

Overall, the concept of pocket money is good. It helps children understand the value of money and how one should plan for the entire month. It is important that parents are strict and do not give children more money once they have finished their pocket money.

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Essay on Pocket Money Advantages and Disadvantages

Students are often asked to write an essay on Pocket Money Advantages and Disadvantages in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Pocket Money Advantages and Disadvantages

Introduction.

Pocket money is a small amount of money given to children by their parents. It’s an effective tool to teach kids about financial responsibility.

Pocket money can teach children to manage money from an early age. They learn to save, spend wisely, and understand the value of money.

Disadvantages

However, pocket money can also lead to bad habits. If not monitored, kids might spend it all at once or buy unnecessary things, thus not learning proper money management.

250 Words Essay on Pocket Money Advantages and Disadvantages

The concept of pocket money.

Pocket money is a widely accepted practice where parents give a certain amount of money to their children for their personal expenses. It is seen as a tool for teaching financial responsibility and independence.

Advantages of Pocket Money

Disadvantages of pocket money.

On the flip side, pocket money can also have its drawbacks. If not monitored, it can lead to a sense of entitlement or promote materialistic attitudes. It might also lead to poor spending habits if children are not guided properly. In extreme cases, it could even lead to financial recklessness, as some children might assume that money is easily available.

Striking a Balance

The key to leveraging the benefits of pocket money lies in striking a balance. Parents should provide guidance and establish rules about spending and saving. They can use this as an opportunity to teach their children about the importance of charitable giving.

In conclusion, while pocket money has its pros and cons, it is an effective tool for teaching financial responsibility if used judiciously. The advantages can significantly outweigh the disadvantages with the right guidance and rules in place.

500 Words Essay on Pocket Money Advantages and Disadvantages

Pocket money, often a child’s first encounter with financial responsibility, is a topic of great debate. While some view it as an essential tool for teaching financial literacy, others perceive it as potentially leading to financial recklessness. As college students, understanding the pros and cons of pocket money can provide valuable insights into personal financial management.

The first significant advantage of pocket money is that it fosters financial literacy at an early age. By managing a fixed amount of money, children learn the value of money, budgeting, and prioritizing needs over wants. This early exposure to money management can be instrumental in developing sound financial habits, which are crucial in adulthood.

Furthermore, pocket money can be used as a tool to incentivize good behavior or performance. It can serve as a reward system, encouraging children to complete chores, excel in academics, or engage in other positive behaviors.

Despite the benefits, pocket money is not without its drawbacks. One potential issue is that it can lead to a sense of entitlement. If children are given money without any conditions, they may develop the expectation of always receiving money, leading to a lack of appreciation for hard work and the value of money.

Additionally, pocket money can create social disparities among peers. Children who receive larger amounts may feel superior, while those who receive less may feel inferior. This can lead to social issues, such as bullying or feelings of inadequacy.

In conclusion, pocket money can be a double-edged sword. On one hand, it can foster financial literacy, independence, and responsibility. On the other hand, it can lead to a sense of entitlement, financial mismanagement, and social disparities. The key lies in how it’s implemented. Parents and educators should use pocket money as a tool for teaching financial responsibility, coupling it with appropriate guidance and realistic expectations. As college students, reflecting on our experiences with pocket money can provide valuable insights into our own financial behaviors and attitudes, enabling us to make more informed financial decisions in the future.

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Essay on Pocket Money in English For Students & Children

We are Sharing an Essay on Pocket Money in English for students. In this article, we have tried our best to provide a Short Pocket Money Essay for Class 6,7,8,9,10,11,12 in 100, 200 words.

Essay on Pocket Money in English For Students

When money is always pocketed, what is ‘Pocket money? It normally refers to a small currency that can take care of small needs. Pocket money is a term usually associated with introducing children to ‘financial literacy. It is the first step towards inculcating the habit of savings and planning for a financial need. Usually, parents give small allowances to their children for doing a job or a monthly/weekly allowance to take care of their personal petty expenses. While some children spend all that is given to them, a few save a part of this allowance. This saving is aimed at buying something that they yearn for but is too large for the regular allowance to procure.

Parents encourage this habit of saving. It also teaches valuable lessons to children on saving as a habit for life and also gives them the idea that money does sometimes run out. Today most children expect pocket money, as they see peers spending at will. The amount offered as pocket money varies according to the will of the parents. Responsible parents keep this large enough to take care of their children’s lesser needs but small enough to keep them from becoming indisciplined.

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Essay On Pocket Money

• Post category: Essay
• Reading time: 6 mins read

Set 1: Essay On Pocket Money

Pocket money is a small amount of money that young children spend on the required things. Such money can be spent on what they like without giving the account to their elders. Generally, as far as teenagers are concerned, pocket money is given by their parents to help them pay independently for their requirements. However, the amount of pocket money depends on what one needs to pay for. It also depends on how much the parents can afford. Such kind of money may be given on a weekly, fortnightly or monthly basis.

Within the limits, children can always ask their parents for some money. Parents believe that their children have very few needs, other than food they have to buy from the school canteen. However, when teenagers go out with their friends they have more things to pay for like snacks, entertainment such as cinema tickets, purchasing or hiring audio or video CDs, books, magazines, etc. Other items they need to pay for may include recharge in their mobile phones, travel expenses, gifting friends on their birthday, etc.

Some youngsters may help their parents with household tasks to support their pocket money. However, up to some extent it is not sensible to attach an economic value to the household tasks. Some children find it as a fun to earn their own money whatever the amount is. They constantly look for different ways to earn extra pocket money.

There are several ways of earning pocket money. Some of them may help their neighbours or old people in the neighborhood. Helping them in weekly shopping is another way of earning some pocket money. With the permission of parents, one can also do some cutting of the grass for the neighbour or looking after their home when they are away. Teaching other students is a good way of supplementing our pocket money. These are some of the sensible ways of earning some extra pocket money.

Allowing children to earn, save and spend pocket money benefits both parents as well as the children. Pocket money helps to recognize the value of money in early years of life. They learn to be independent and may appreciate their parents as the breadwinners. They also learn the importance of being responsible for what they do, either at school or at part-time work.

Whether parents should allow teenagers to earn pocket money depends on the family conditions. However, at times, pocket money can prove to be a nuisance because no matter how much they get, sometimes it never seems enough.

Set 2: Essay On Pocket Money

Every student in school and college is provided with some pocket money to meet his small expenses. I am provided the pocket money by my elder brother. Though the amount is meager it helps me very often to buy something of great use.

The pocket money provided by my brother is only five rupees out of which I spend two rupees towards my Tiffin. With the remaining three rupees I spend according to my own sweet will either in visiting a a movie e of my great importance or on an outing or in visiting places of historical or cultural importance.

I do not make careless use of the pocket money given to y own way me to spend it in my own way. I save money out of my pocket expenses prudently after meeting my normal needs. I have cultivated this habit of saving from an early age. I do not make willful waste that brings woeful wants to men. I do not save money as a miser but save for future use.

Since I am not aware of the problems of the future I save money for the days of woes. I deposit the excess money in the passbook maintained in a bank. I spend the money in purchasing good books, dictionary and pen for my use. I derive great pleasure out of my pocket money. The money gives me the opportunity of doing something good to society in which I live.

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Essay on “Pocket Money” for Kids and Students, English, Paragraph, Speech for Class 8, 9, 10, 12, College and Competitive Exams.

Pocket Money

There is nothing so thrilling as the jingle of coins in one’s pocket or the feel of crisp notes –money which belongs entirely to oneself to do as we please with it. I strongly feel that our parents should give us pocket money; If children don’t get a monthly or weekly allowance how will they learn to handle their finances?  Moreover, when they see others spending lavishly they may be tempted to steal some money!

Oh how I long for pocket money! If you ever see me staring out of the window absently during the Maths period, you will know that I am thinking of all the wonderful things I would do with my pocket money if my parents ever gave it. First of all, I would buy that lovely teddy bear I saw in the shop the other day. Then I would make sure that my friends received birthday cards from me regularly. At present, my mother gives me money for this ‘useless’ luxury only after she has asked me at least a dozen questions! The rest of my money, if there was any remaining, would be spent on sweets and ice-cream.

You see how simple my desires are. I wish somebody would convince my parents that if I had some money of my own, I would not, as they seem to think, fall into all kinds of evil ways.

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Essay on “pocket money” for students and children, best essay, paragraph, speech for class 7, 8, 9, 10, 11, and 12 in english language..

Pocket Money

“Money can make the world go round” seems true on many occasions. More and more people are in debt at some point in their lives. It is therefore, pertinent to introduce the concept of money, its usage and saving, to children at a young age, five being a good age to begin. Pocket Money is the first step towards this aim.

Pocket money is a small weekly sum of money given to children by their parents. This does not have to be earned. It is money for small personal expenses. The sum may vary depending on the income of the family. Each parent can afford an amount which should be discussed with the children and fixed. It should also be decided what the child intends to do with it- buy a box of sweets or WWF-stickers. Then parents should not have to spend money on those items for the child. The pocket money may be withheld as punishment. This may be compensated for good behavior. There are some chores that need to be done at home as a duty and others for which you might be paid. This can be chalked out with parents in the beginning. Again, an increase in pocket money may be given from each Birthday. Having a limit on pocket money is necessary. Only then will the concepts of budget, saving and thinking before expenditure be learnt.

My five-year-old asked me why we are so careful with money when there are so many ATM’s to choose from?! Increasing use of credit cards, ATMs and internet banking makes money and their expenditure invisible to the child. Hence, the pocket money concept is very essential and useful to the growing child.

• List five things you would like to spend your money on.

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Pocket Money should be given to children. To what extent do you agree or disagree.

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Include an introduction and conclusion

A conclusion is essential for IELTS writing task 2. It is more important than most people realise. You will be penalised for missing a conclusion in your IELTS essay.

The easiest paragraph to write in an essay is the conclusion paragraph. This is because the paragraph mostly contains information that has already been presented in the essay – it is just the repetition of some information written in the introduction paragraph and supporting paragraphs.

The conclusion paragraph only has 3 sentences:

• Restatement of thesis
• Prediction or recommendation

To summarize, a robotic teacher does not have the necessary disciple to properly give instructions to students and actually works to retard the ability of a student to comprehend new lessons. Therefore, it is clear that the idea of running a classroom completely by a machine cannot be supported. After thorough analysis on this subject, it is predicted that the adverse effects of the debate over technology-driven teaching will always be greater than the positive effects, and because of this, classroom teachers will never be substituted for technology.

Start your conclusion with a linking phrase. Here are some examples:

• In conclusion
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10 Lines on “Pocket Money” Complete Essay, Speech for Class 8, 9, 10 and 12 Students.

10 lines on “pocket money”.

1. There is nothing as thrilling as the jingle of coins in one’s pocket or the feel of crisp notes -money that belongs entirely to oneself to do as we please with it.

2. I strongly feel that our parents should give us pocket money.

3. If children don’t get a monthly or weekly allowance how will they learn to handle their finances?

4. Moreover, when they see others spending lavishly they may be tempted to steal some money!

5. Oh how I long for pocket money! If you ever see me staring out of the window absently during the Maths period, you will know that I am thinking of all the wonderful things I would do with my pocket money if my parents ever gave it.

6. First of all I would buy that lovely Teddy Bear I saw in the shop the other day.

7. Then I would make sure that my friends received birthday cards from me regularly.

8. At present, my mother gives me money for this “useless” luxury only after she has asked me at least a dozen questions!

9. The rest of my money, if there was any remaining, would be spent on sweets and ice cream.

10. You see how simple my desires are. I wish somebody would convince my parents that if I had some money of my own, I would not, as they seem to think, fall into all kinds of evil ways.

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Essay on Money for Students and Children

500+ words essay on money.

Money is an essential need to survive in the world. In today’s world, almost everything is possible with money. Moreover, you can fulfill any of your dreams by spending money. As a result, people work hard to earn it. Our parents work hard to fulfill our dreams .

Furthermore various businessmen , entrepreneurs have startup businesses to earn profits. They have made use of their skills and intelligence in getting an upper hand in earning. Also, the employee sector works day and night to complete their tasks given to them. But still, there are many people who take shortcuts to success and get involved in corruption.

Black Money

Black money is the money that people earn with corruption . For your information corruption involves the misuse of the power of high posts. For instance, it involves taking bribes, extra money for free services, etc. Corruption is the main cause of the lack of proper growth of the country .

Moreover, money that people having authority earns misusing their powers is black money. Furthermore, these earnings do not have proper documentation. As a result, the people who earn this do not pay income tax . Which is a great offense and the person who does this can be behind bars.

Money Laundering

In simple terms, money laundering is converting black money into white money. Also, this is another illegal offense. Furthermore, money laundering also encourages various crimes. Because it is the only way criminal can use their money from illegal sources. Money laundering is a crime, and the people who practice it are liable to go to jail.

Therefore the Government is taking various preventive measures to abolish money laundering. The government is linking bank accounts to AADHAR Card. To get all the transaction detail of each bank account. As a result, the government comes to know if any transaction is from an illegal source .

Also, every bank account has its own KYC (Know your Customer) this separates different categories of income of people. Businessmen are in the high-risk category. Then comes the people who are on a high post they are in the medium-risk category. Further, the last category is of the Employee sector they are at the lowest risk.

Get the huge list of more than 500 Essay Topics and Ideas

White Money

White money is the money that people earn through legal sources. Moreover, it is the money on which the people have already paid the tax. The employee sector of any company always has white money income.

Because the tax is already levied on their income. Therefore the safest way to earn money is in the employment sector. But your income will be limited here. As a result, many people take a different path and choose entrepreneurship. This helps them in starting their own company and make profitable incomes .

Every person in this world works hard to earn money. People try different methods and set of skills to increase their incomes. But it is always not about earning money, it’s about saving and spending it. People should spend money wisely. Moreover, things should always be bought by judging their worth. Because money is not precious but the efforts you make for it are.

Q1. What is Black Money?

A1. Black money is the money that people earn through illegal ways. It is strictly prohibited in our country. And the people who have it can go to jail.

Q2. What is the difference between Black money and White money?

A2. The difference between black money and white money is, Black money comes from illegal earnings. But white money comes from legal sources with taxation levied on it.

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How I Spent My Pocket Money (Essay Sample)

Table of Contents

Introduction

If you had your own pocket money, how would you spend it?

This essay focuses on how to spend money, and how to do so wisely. In this piece, we share a person’s experience of being taught to spend money wisely and what he would buy when he was given a regular allowance.

Writing an essay on what you would spend your money on? We can help. Go to EssayBasics.com to learn more about our essay writing services . We can help you express yourself by pairing you with a writer who has some experience in your chosen topic.

How I Spend My Money essay

One of the most exciting events in a young one’s life is when their parents give them an allowance. No matter the amount, an allowance gives us the opportunity to spend on small things that make us happy as a child.

The joy that an allowance brings is more than just the amount itself. It’s really rooted in the experience one gets in choosing how to spend it. First, there’s the anticipation of receiving an allowance. Next, there’s the excitement of thinking about all the things you’ve been wanting to get for yourself. Third, there’s the delight of actually receiving the allowance. Finally, there’s the sheer thrill of choosing what to buy and taking it home.

How and when an allowance is given, and how much is gifted to the child, depends on the guardians’ principles. There are those who provide an allowance for children to buy basic needs. But there are some who might give a little extra to give the child an opportunity to learn how to handle money well.

It must be said that not all children are privileged to have an allowance to spend on themselves. If they come from a poor family, the guardians may not have any extra finances to give. They may save up for this just once in a while.

I am very blessed that my parents gave me an allowance on a regular basis. My allowance has really taught me financial stewardship at a very young age. They also allowed me to make decisions regarding my finances, even if I made mistakes.

Saving Money at a Young Age

While my allowance isn’t a fixed amount, I have since learned that the first thing I should do is set aside a portion of it for savings. I get a third of whatever amount I get and earmark it for saving.

To make sure that I won’t be tempted to use it, my mom helped me open a bank account where I deposit the money. They opened a time deposit account, which means I cannot just withdraw from it anytime. Whenever I hesitated to go to the bank, my dad would remind me that my small deposits would turn into one big bulk of cash that could someday be used for a rainy day, or for strategic investments.

How I Spend Money with Whatever is Left

With what’s left of my allowance, I usually buy books. These are mainly documentary magazines, which I read during my leisure time. It is actually one of my hobbies. I have made it a personal tradition to always purchase a documentary magazine each time I get my regular allowance. I particularly enjoy news magazines and feature magazines. I am a lover of general knowledge. I love knowing about everything, how and why things are the way they are – whether about nature, politics, science, or geography. It is always a first on my list of hobbies.

The other bit of my regular allowance goes towards the purchase of snacks. I love yogurt and ice cream. The refrigerator at home always has a shelf specifically reserved for my yogurts.

The remainder of my allowance goes towards others. These include my family and friends. I try to buy them something nice as a way of thanking them for taking good care of me.

I also go out of the way to purchase some gifts for my siblings as well as my parents. I want to gift them with simple things, even if they were the ones who gave me my allowance. Doing this for them gives me so much satisfaction since I love making them happy. After all, what is life without happy family and friends?

Regular allowances taught me how to make wise spending decisions. I know how to handle and spend my cash, whatever amount it might be. Therefore, I am confident that when I start handling larger amounts of money in the future, I won’t be as overwhelmed. I will make it a point to remember the financial lessons I’ve learned as a child. I hope to also be able to teach others who to use their money wisely.

Short Essay About What You Would Spend Your Money On

Did you grow up being taught about the value of saving money? If you were like me, your mom and dad probably gave you a regular allowance. They also probably gave you free rein to use your money in whatever way.

Growing up, I deposited regular amounts into my savings account the moment my allowance was handed to me. I did not want to be tempted to splurge on all the food I was craving for while holding all of my money. Personally, apart from fast food, I enjoyed treating myself to books. In fact, I made it a regular tradition to purchase a book every time I got my allowance.

I remember being taught how to make a personal budget out of my allowance. Exactly how much money was given to me didn’t matter as much as the main principle they passed on: save money. They didn’t care if I used the rest of my allowance on junk food or other types of impulse buying. All that mattered to them was whether or not I set aside a portion to put in a savings account. And so I did.

How To Write An Essay About Money

There are so many ways to write a piece about finances. It depends on the lens you are viewing the topic from. Are you an adult looking back at your childhood and remembering important lessons learned? Are you a financial expert looking to give some advice on how to maximize your cash? Are you a student wanting to teach people how to set aside an amount in case of an emergency? Are you a parent who discovered creative hacks in your finances to make ends meet? Find your angle and work it.

How To Spend Money Wisely As A Teenager

When you are young and still living under your guardians’ roof, thinking about contingencies or other things you may be needing to buy before your next allowance comes may not come naturally to you. It is so important to learn how to handle your personal finances even at that age because that sets the direction of your spending in the future. When you start getting a monthly income, the weight of the responsibility is even greater as you start to live independently. Even as a teenager, learn to set financial goals and think of the long game. Even if you have to put money inside a piggy bank to avoid temptation, do so. Track your expenses and make adjustments according to your level of contentment. Learn the art of investing from an expert. Finally, don’t shop ’till you drop. It’s a trap.

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Pocket Money Essay | Essay on Pocket Money for Students and Children in English

Pocket Money Essay: ‘Pocket Money’ is the term for the money that parents give to their children to spend every month. In America, they call it ‘allowance’. A child can spend this money in anyway he or she likes. Sometimes parents guide their children and help them decide how the money should be spent.

You can read more  Essay Writing  about articles, events, people, sports, technology many more.

Short Essay on Pocket Money 200 Words for Kids and Students in English

Below we have given a short essay on Pocket Money is for Classes 1, 2, 3, 4, 5 and 6. This short essay on the topic is suitable for students of class 6 and below.

I also get a fixed amount of pocket money every month from my parents.

I don’t spend all my pocket money. I put some of it in my piggy bank. Since I love chess, I use my pocket money to buy books about the game. Now I have a very good collection of books on chess. Sometimes, I go out to watch a film with my friends. Often we go out for lunch to some restaurant. If I like some music, I use my pocket money to buy tapes and CDs.

Since my sister is still too young, she does not get any pocket money. So, sometimes, I give her some money to spend or buy some things for her. During some months, I’m able to save most of my pocket money. At times I’m not able to save anything at all.

Overall, the concept of pocket money is good. It helps children understand the value of money and how one should plan for the entire month. It is important that parents are strict and do not give children more money once they have finished their pocket money.

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Recent Exam Question in IELTS Writing Task 2 – Essay (Pocket Money to Children)

For effectively writing an IELTS writing task 2 essay, it is important that you respond well, aligning yourself well with the assessment criteria because you may be penalized for many reasons. Writing less than 250 words, responding irrelevantly with the topic, lacking examples to support ideas, grammatical errors, punctuation errors etc. are some of the likely reasons that can lead to lowered band score. Let’s now attempt the below IELTS writing task 2.

Some people say that giving a smaller amount of money weekly to children will help them become more capable as they grow older. Do you agree or disagree?

Sample Answer:

A group of people in the society believes that if children are given some amount of money on a weekly basis, they become more serious towards knowing the importance of money. While this is true, giving money every week is not appropriate and it should actually be restricted on need basis.

To commence with , many parents think that they should pay their children on a regular basis. One of the possible reasons is that giving some amount of money to kids makes them responsible. It gives them the feeling that they have been assigned some money for a reason and if they do something good, for example, cleaning their study table, they would get paid. Apart from this , with holding some money in their pockets, kids can try to effectively manage it for various needs such as buying a notebook or a chocolate. Depending upon their needs only, they would spend their money.

On the other hand , there are some negative consequences of this approach. Many children would find it too easy to get money every week rather than on need basis. So, they would actually be spending more and asking for more money from their parents, in return. Secondly , this approach may affect their thinking about money as they may exceedingly give importance to money rather than other good things such as honesty, kindness and trustworthiness . For instance , a kid who is receiving $10 every week would feel that money is the most important thing with which he can buy anything.

Overall , though some people think that children will get better idea of spending money efficiently as they grow older, I disagree on this statement and feel that children should be given less amount of money and on need basis rather than weekly basis.

(295 words)

Useful Vocabulary:

You may observe how the following words or phrases have been used in the above IELTS writing task 2 response:

• Exceedingly
• Trustworthiness
• For instance
• To commence with
• One of the possible reasons
• Apart from this
• On the other hand

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Saving money with the prescription drug law

A new prescription drug law that went into effect January 1, 2023, will help save money for people with Medicare. This law improves access to affordable treatments and strengthens the Medicare program. Here’s what the law means for you:

More vaccines covered

People with Medicare Part D drug coverage now pay nothing out-of-pocket for even more vaccines. Your Part D plan won't charge you a copayment or apply a deductible for vaccines that the Advisory Committee on Immunization Practices recommends, including the vaccines for shingles, whooping cough, and more.

Lower costs for insulin

Part D insulin costs

Your Medicare drug plan can't charge you more than $35 for a one-month supply of each Part D-covered insulin, and you don’t have to pay a deductible. You’ll pay $35 (or less) for a one-month supply of each Part D-covered insulin product, even if you get Extra Help to lower your prescription drug costs.

If you get a 3-month supply of insulin, your costs can’t be more than $105 ($35 for each month’s supply).

Other questions about insulin coverage under Part D?

Part B insulin costs

If you use an insulin pump that’s covered under Part B’s durable medical equipment benefit, or you get your covered insulin through a Medicare Advantage Plan, your cost for a month’s supply of Part B-covered insulin can’t be more than $35. The Part B deductible won’t apply. If you have Part B and Medicare Supplement Insurance ( Medigap ) that pays your Part B coinsurance, your plan should cover the $35 (or less) cost for insulin. 

If you get a 3-month supply of insulin, you'll generally pay no more than $105, because your costs can’t be more than $35 for each month’s supply of each covered insulin. 

Get more information about this new insulin benefit.  

Learn more about insulin costs.

Lower out-of-pocket drug costs

• You might pay a lower coinsurance amount for certain drugs and biologicals covered by Part B, if their prices have increased higher than the rate of inflation. The specific drugs and potential savings change every quarter.
• If you have drug costs high enough to reach the catastrophic coverage phase in your Medicare drug coverage , you won’t have to pay a copayment or coinsurance, starting in 2024.
• Extra Help affording prescription drug coverage (the Part D Low-Income Subsidy (LIS) program ) will expand to cover more drug costs for people with limited resources who earn less than 150% of the federal poverty level, starting in 2024. People who qualify for Extra Help generally will pay no more than $4.50 for each generic drug and $11.20 for each brand-name drug.
• Your yearly Part D out-of-pocket costs will be capped at $2,000, starting in 2025. You’ll also have the option to pay out-of-pocket costs in monthly amounts over the plan year, instead of when they happen.
• If the price of a drug covered by Part B (Medical Insurance) increased faster than the rate of inflation, you might pay less than 20% coinsurance for that drug. The specific drugs that are impacted and the potential savings may change every quarter.  Get more information about Part B-covered drugs .

Medicare will negotiate to get you lower drug prices

For the first time, Medicare will be able to negotiate directly with manufacturers for the price of certain high-spending brand-name Medicare Part B and Part D drugs that don’t have competition.

• Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill
• Negotiated prices for these first 10 drugs will be effective in 2026.
• 15 Part D drugs in 2025 (effective in 2027).
• 15 Part B and Part D drugs in 2026 (effective in 2028).
• 20 Part B and Part D drugs in 2027 (effective in 2029).
• 20 Part B and Part D drugs in 2028 and every year after.
• Manufacturers that don’t follow the negotiation requirements will have to pay a tax, and will have to pay penalties if they don’t fulfill other manufacturer requirements.