Prescription costs can be a big hit to your budget when you’re on Medicare and a fixed income in retirement. Here are ten ways to save on medications.
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1. Comparison shop plans every year during the Annual Enrollment Period between October 15 and December 7. Plans change every year.
Sometimes, the changes to your current plan won’t affect you, but other times they will. And there always may be a new plan on the market that covers your drugs for less out of pocket expense.
2. Discount programs. There are many. Here’s a short list of some to look into: GoodRx, Amazon Prime Rx, Blink Health, Kroger Rx Savings Club, WellRx, and SingleCare. Each plan has its own rules and some have fees, so please follow the links for more information about each discount program.
3. Switch to generics. Generic drugs have the same active ingredients as their brand name counterparts. Brand name drugs are usually more expensive because of the long development and testing process before new drugs are brought to market.
Once the patent expires, competitors are allowed to also manufacture the medication, and competition among the generic drugs drives the price down.
4. Mail order pharmacy. For maintenance medications that you take long-term, ask your doctor for a prescription for a 90-day supply and fill that prescription through a mail order pharmacy. Most Part D plans have reliable mail order pharmacies and offer discounts of 30% or more for 90-day supplies of medications.
5. Online pharmacies. Like other products, prescription medications can be found for lower out of pocket costs online. However, make sure you are using a reputable online pharmacy and not one selling counterfeit drugs. Check to see that the pharmacy requires a prescription from a doctor to order and is in the Verified Internet Pharmacy Practice Sites (VIPPS).
6. Extra Help from Medicare. Medicare beneficiaries can qualify for Extra Help if they have limited resources and income. Here is a link to the Social Security website page that will help you determine if you qualify for Extra Help: https://www.ssa.gov/benefits/medicare/prescriptionhelp/. If you qualify, this benefit is estimated to be worth $5,000 a year.
7. Use Preferred Pharmacies. When you estimate your cost for Medicare Part D plans, be sure to pay attention to which pharmacies are preferred pharmacies with your plan. Using preferred pharmacies can save you quite a bit on your out of pocket prescription costs.
It is worth the extra few minutes every year to change the pharmacy in the estimator tool to see if a different local or mail order pharmacy is a better option for your costs.
8. State Pharmaceutical Assistance Programs. Your state may have programs that can help you pay for your medications. Here is a link to a chart with contact information for each state with a State Pharmaceutical Assistance Program: https://www.medicareinteractive.org/pdf/SPAP-Chart.pdf
9. Ask your doctor for alternative medications. If you have drugs that are in Tiers 3, 4, or 5 of your Medicare Part D plan, your copay and coinsurance amounts will be much higher than for Tier 1 or 2 medications. Be honest with your doctor about financial concerns and ask if a less expensive medication could be used instead.
10. Drug company discount programs. Some do not work with Medicare, but there are others that do. Ask your doctor or pharmacist about availability of drug manufacturer discount programs for your prescriptions, or visit the drug manufacturer website for more information.
If you have questions about Medicare prescription drug coverage, please feel free to give our office a call at 877-312-1414 or schedule a free, no obligation Medicare plan consultation with a licensed, experienced broker.
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