What are some ways to save on prescription drug costs?
Answered by 13 licensed agents
If your plan doesn't cover your meds well, you can use a discount card like GoodRx or Singlecare. You could also search online for online pharmacies that can save you money like Cost Plus. You may also qualify for "extra help" from Medicare, or get help from the manufacturer or through a foundation.
Most carriers have a $0 cost for a tier 1 & 2 drug, many carriers will mail a 90 day supply at 0 costs for tier 1 & 2. I also advise members to get a GoodRx Card as well, and if someone is on an expensive drug, tier 3 or 4, most pharmaceutical companies have a patient assist program to help with expensive medications
There are several things to consider when saving on prescription drug costs. 1) Inform your provider who your Medicare Prescription Drug carrier is so that they can prescribe you drugs that are covered under that carrier's formulary; 2) Work with your broker every October to ensure that your prescriptions are still covered under your current Medicare carrier, and if they are not, then you may need to change drug plans; 3) Ask to make sure that your pharmacy is a preferred pharmacy with your drug plan, if not, your costs can be much higher; 4) Consider generics if they are effective and safe; and finally; 5) Ask your pharmacy if goodRX or other savings programs offer a better rate for your prescriptions. You cannot use both Medicare and these savings programs, but you can use these programs if they savings yields you a lower cost that Medicare.
You can save money on prescriptions by using the mail order option instead of the local pharmacy option. Most drug plans have preferred local pharmacies and that can provide savings. Also, generic mediations if they are approved by your physicians can reduce prescription costs.
Be sure to be aware that you have a lot of choicess before choosing a drug plan. Since last year, you can join Advantage plans that contains drug coverage or not. You can pick up a “Stand-alone” Part D prescription drug plan (PDP) and you can use an online US/Canadian discount website like GoodRx, costplusdrugs.com or simplecare.com. Bear in mind though that should any Canadian website be significantly reduced, that buy will NOT be applied to the maximum of $2,000.00 per year for ALL of your Rx's as only US purchases will apply. Remember that if you prefer to pay for a Med. Supp., it does NOT pay for drugs at all! This is why folks who purchase a Med. Suppmt. must pay a small monthly premium for their Part D plan.
1. Most brand name medications will be more expensive that their generics. If you are on any brand-name medications, you could ask your provider if there’s an alternate generic that would be a suitable fit.
2. If you do have to take brand new medication’s Most RX companies will have some type of manufacturers discount available. I would Ask your providers office for information on how to apply.
3.When using your Medicare advantage prescription drug plan the catastrophic coverage or cap is set at $2000 for the 2025 year. You could use alternate sources like good RX To potentially get a lower cost on some medication’s. However, whatever medications you get through that alternate source do not go towards that $2000.
It can be a little tricky and may take some extra work on your end but staying vigilant and always comparing prices may come in handy
There is a program called "Extra Help" or LIS (Limited Income Subsidy) that is administered by Social Security Office to help to reduce the cost of your prescriptions such a deductible, premiums or/and copays for your current prescription plan. There is no cost to apply.
Your Pharmacist and Physician can provide valuable insights on cost-saving tips related to your specific medications. Ask about potential generic alternatives, switching to 90-day supplies, or utilizing pharmaceutical company discount programs. Hospital-based social workers can help you find both local and federal assistance programs that can help with medication costs, along with manufacturer savings programs for chronic conditions such as cancer.
This may seem obvious but first, make sure that if you are taking a name-brand drug you ask your provider if there is a Generic alternative. If so, make sure that Generic drug is covered on your plan. Second, make sure that you are using an in-network and preferred pharmacy. Many plans give you better prices when you use certain pharmacies. Third, many times a plan will give you a better price if you use their preferred mail-order pharmacy. Fourth, reach out to the drug manufacturer and see if they have any assistance programs for the drug you are taking. Fifth, contact Social Security and see if you qualify for the Federal program that helps with the cost of drugs. It is known as the Limited or Low-Income Subsidy program. Lastly, you can reach out to the state you live in and see if they have any assistance programs. A good insurance broker can guide you with any or all of these steps.
You can save money on prescriptions by using the mail order option instead of the local pharmacy option. Most drug plans have preferred local pharmacies and that can provide savings. Also, generic mediations if they are approved by your physicians can reduce prescription costs.
