8 Ways to Lower Your Prescription Drug Costs

8 Ways to Lower Your Prescription Drug Costs

If you’re enrolled in Medicare, it’s possible to reduce your prescription drug costs by studying the available options and connecting with an insurance expert. Medicare can be complex and confusing to many people when they start looking into it for the first time. Here are important points to know about cutting your prescription drug costs.

Compare plans

Medicare plans are divided into parts A, B, C, and D, with the latter relating to prescription drugs. Part D can be a standalone plan or part of a Medicare Advantage plan. In order to lower your prescription drug costs, examine co-pays, deductibles, coverage limits, and co-insurance. To get an idea of the different plans available, check out Medicare’s plan finder tool for added information on coverage.

Communicate with your prescriber

It’s crucial to stay up-to-date on using the right drugs prescribed by a physician. A person who takes multiple drugs over time can sometimes fall into routines and lose track of when they should stop taking certain drugs. That’s why it’s important to regularly communicate with your prescriber about the drugs you should be taking currently.

Taking too much medication poses health risks, so it’s a good idea to regularly review your prescriptions and quit paying for drugs you don’t need. For the drugs you are supposed to take, you can cut costs further by requesting a 90-day rather than 30-day supply.

Explore other pharmacies

Be aware that drug prices can vary significantly among different pharmacies. In some cases, you may need to seek better deals beyond the pharmacy you regularly visit. Find out if the pharmacies in grocery stores or large retailers have lower prices. You should also consider small independent pharmacies, where it might be easier to negotiate prices.

Use discount prescription cards

Use the internet to search for discount prescription cards such as GoodRx. These cost-cutting cards are available at retail stores and through delivery services. Taking advantage of a discount prescription card means you won’t have to use Medicare coverage.

Look into pharmaceutical assistance programs

Contact the manufacturers of the pharma products you use and inquire if you qualify for a free or low-cost pharmaceutical assistance program. You can locate pharma companies through the Medicare.gov database.

Each state insurance department can provide insights into a pharmaceutical assistance program that provides significant savings for qualified individuals. Do note that some programs have income requirements and enrollment fees.

Seek extra help

All Medicare beneficiaries who need assistance with affordable prices can use a federal government program called Extra Help. It’s possible to qualify for this program even if you are not enrolled in Medicare.

There are several ways to reduce your prescription drug costs, from buying in bulk to using a  mail-order service. Contact us at Medicare Advisors for answers to your questions about Medicare.