Helpful Ideas to Lower Spending on Prescription Drugs
- Talk with your doctor.
- Use your plan’s preferred pharmacies.
- Try a mail-order pharmacy. Each Part D Prescription Drug Plan has a mail order pharmacy as an option. Sometimes they are less than using a local pharmacy, but not always.
- Switch to generics whenever possible. Consult with your doctor to see if it could be an option for you.
- Check into state subsidy programs. Some states have a State Pharmaceutical Assistance Program, which helps in covering the costs of prescription drug plan premiums and/or copays. See if there is a program available in your area here: https://www.medicare.gov/pharmaceutical-assistance-program/state-programs.aspx
- Find out about discounts from pharmaceutical companies. NeedyMeds shows if there are any assitance programs available to pay for a particular medication. It will also show if there are any coupons or rebates available. This is particularly helpful for high cost medications. Here is the link to Needymeds: http://www.needymeds.org/
- See if you qualify for Extra Help, which is based off income. You can see the income limits here: https://www.medicare.gov/your-medicare-costs/help-paying-costs/save-on-drug-costs/save-on-drug-costs.html To apply for Extra Help you will want to contact Social Security.
- Review your Medicare Part D plan during Medicare Open Enrollment, which is October 15th – December 7th. You can find there can be considerable differences in Part D plans from year to year.
About the Author
John Bush has been an independent insurance broker helping those on Medicare learn of their rights and options since 2010. He has helped many people find the right plan that is best for them. John is passionate about helping people in a manner that is easy to understand, resourceful, and non-pushy. John helps people get the best coverage for their premium dollar without sacrificing customer service.