I recently received a question from a Medicare beneficiary, asking if I had any tips that could help her lower her prescription drug costs. She complained that even with her Medicare prescription drug insurance, having multiple health conditions was cutting deep into her pocketbook.
I shared with her that the high cost of prescription drugs is an ongoing problem that stings everyone, but it usually affects seniors disproportionately because they have a greater need for medications and because Medicare (Part D drug plans) doesn’t cover all their drug costs.
While the Inflation Reduction Act of 2022 helps seniors save on their medications by allowing the government to negotiate prices for some drugs, capping out-of-pocket spending at $2,000 (starting in 2025), making vaccines free, and limiting Part D premium increases, there are some different strategies that can help reduce your costs so you can afford what you need.
Talk to your doctor
A good first step is to review your medications once a year with your doctor to find out if any of them can be stopped or reduced. If you’re taking any brand-name drugs, check to see if they are available in a cheaper generic form. Also, for any drugs you’re taking long-term, ask your doctor for a cheaper three- or six-month prescription, versus a one-month prescription. And find out if any of the pills you’re taking can be cut in half. Pill splitting allows you to get two months’ worth of medicine for the price of one. If you do this, you’ll need to get a prescription for twice the dosage you need.
Review your insurance
Carefully review your drug coverage during the open enrollment period, which runs from October 15 through December 7 for Medicare beneficiaries. Make sure all your regular medications are covered in the plan’s formulary; that your current pharmacy is in the plan’s network; and that your plan covers additional medication coverage in the gap. To shop and compare Medicare prescription drug plans go to Medicare.gov/plan-compare.
Pay cash
Not using insurance for prescriptions seems counterintuitive, but in some cases, it may save you money. For example, many chain pharmacies and big-box stores like Walmart and Costco have their own prescription savings programs that may be lower than your insurance copayment. Or you can use coupons through GoodRx.com or RxSaver.com that can save you up to 80 percent off the list price of generic and some brand-name drugs in certain pharmacies.
Shop online
You can also save on regularly used medications by having them sent to you from a mail-order pharmacy. Check with your health insurer or regular pharmacy to see whether it will get you a better deal. If not, check online pharmacies like CostPlusDrugs.com or HoneyBeeHealth.com. With these, you may spend less in some cases than you might with insurance.
Buy from Canada
Because prescription drugs are often much cheaper north of the border, many Americans have chosen this option for years. While this is technically illegal in most states, the Food and Drug Administration generally does not stop people from doing it. If you want to explore this option, use PharmacyChecker.com—an online tool that will help you identify reputable Canadian and international online pharmacies.
Get more help
If your income is limited, you may also be able to get help through Medicare’s Extra Help program (Medicare.gov/basics/costs/help/drug-costs), the New York State pharmaceutical assistance program (Medicare.gov/plan-compare/#/pharmaceutical-assistance-program/states) or patient assistance programs (Medicare.gov/pharmaceutical-assistance-program). Visit each website to see if you’re eligible and to apply.
Jim Miller is a contributor to the NBC Today show and author of The Savvy Senior book.
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14 Nov 2024
0 Commentshow to save on prescription drugs
I recently received a question from a Medicare beneficiary, asking if I had any tips that could help her lower her prescription drug costs. She complained that even with her Medicare prescription drug insurance, having multiple health conditions was cutting deep into her pocketbook.
I shared with her that the high cost of prescription drugs is an ongoing problem that stings everyone, but it usually affects seniors disproportionately because they have a greater need for medications and because Medicare (Part D drug plans) doesn’t cover all their drug costs.
While the Inflation Reduction Act of 2022 helps seniors save on their medications by allowing the government to negotiate prices for some drugs, capping out-of-pocket spending at $2,000 (starting in 2025), making vaccines free, and limiting Part D premium increases, there are some different strategies that can help reduce your costs so you can afford what you need.
Talk to your doctor
A good first step is to review your medications once a year with your doctor to find out if any of them can be stopped or reduced. If you’re taking any brand-name drugs, check to see if they are available in a cheaper generic form. Also, for any drugs you’re taking long-term, ask your doctor for a cheaper three- or six-month prescription, versus a one-month prescription. And find out if any of the pills you’re taking can be cut in half. Pill splitting allows you to get two months’ worth of medicine for the price of one. If you do this, you’ll need to get a prescription for twice the dosage you need.
Review your insurance
Carefully review your drug coverage during the open enrollment period, which runs from October 15 through December 7 for Medicare beneficiaries. Make sure all your regular medications are covered in the plan’s formulary; that your current pharmacy is in the plan’s network; and that your plan covers additional medication coverage in the gap. To shop and compare Medicare prescription drug plans go to Medicare.gov/plan-compare.
Pay cash
Not using insurance for prescriptions seems counterintuitive, but in some cases, it may save you money. For example, many chain pharmacies and big-box stores like Walmart and Costco have their own prescription savings programs that may be lower than your insurance copayment. Or you can use coupons through GoodRx.com or RxSaver.com that can save you up to 80 percent off the list price of generic and some brand-name drugs in certain pharmacies.
Shop online
You can also save on regularly used medications by having them sent to you from a mail-order pharmacy. Check with your health insurer or regular pharmacy to see whether it will get you a better deal. If not, check online pharmacies like CostPlusDrugs.com or HoneyBeeHealth.com. With these, you may spend less in some cases than you might with insurance.
Buy from Canada
Because prescription drugs are often much cheaper north of the border, many Americans have chosen this option for years. While this is technically illegal in most states, the Food and Drug Administration generally does not stop people from doing it. If you want to explore this option, use PharmacyChecker.com—an online tool that will help you identify reputable Canadian and international online pharmacies.
Get more help
If your income is limited, you may also be able to get help through Medicare’s Extra Help program (Medicare.gov/basics/costs/help/drug-costs), the New York State pharmaceutical assistance program (Medicare.gov/plan-compare/#/pharmaceutical-assistance-program/states) or patient assistance programs (Medicare.gov/pharmaceutical-assistance-program). Visit each website to see if you’re eligible and to apply.