It is no surprise that prescription drugs can be expensive.
Even with insurance, out-of-pocket costs for certain medications can be high. If you think you might need help with the costs of your prescription drugs, or simply want to be a savvy Rx shopper, here are a few things to consider:
1. Consider changing to generics or other lower-cost drugs.
There may be a less-expensive option for you that works just as well as what you take now. Talk with your doctor to find out if there is an option for you.
2. Choose the best fit Medicare Part D plan.
Part D premiums and drug costs can vary widely and each Part D plan has their own formulary (a list of covered drugs). The best fit plan for you will depend on the medications you take, how often you take them and where you fill your drugs. Each year during Medicare’s Annual Enrollment Period (AEP), you can enroll in or change your Part D plan. It’s a good idea to re-evaluate annually since your medication needs may change and drug pricing and formularies do also.
3. Check if a Pharmaceutical Assistance Program is Available
Some pharmaceutical companies offer programs to help pay for medications for people enrolled in Medicare drug coverage (Part D). Find out whether there’s a Pharmaceutical Assistance Program that can lower prescription costs for the drugs you take.
4. Find out if your Eligible for a State Pharmaceutical Assistance Program
Many states and the U.S. Virgin Islands offer help paying for prescriptions, drug plan premiums and/or other drug costs. Find out if your state has a State Pharmaceutical Assistance Program.
5. Apply for Extra Help.
Extra Help is a Medicare program to help people with limited income and resources pay Medicare Part D premiums, deductibles, copays/coinsurance and other costs. If you don’t automatically get Extra Help, you can apply for it.
6. Use Drug Discount Coupons and Discount Pharmacies
The cost of prescriptions can vary drastically from pharmacy to pharmacy. Drug discount companies like GoodRx and CleverRx make it easy to search for available coupons to help you pay less for your medications. It’s similar to using a coupon at a grocery store, just show the pharmacist your coupon when picking up your prescriptions and they will enter the numbers in their system to find the discount. However, it’s important to note that drug discounts cannot be used with your Medicare Part D plan. That means anything you spend using a drug coupon will not count toward your Part D plan deductible or cost-sharing thresholds. Discount pharmacies like Cost Plus Drugs or Amazon may also offer lower prices on medications, but like coupons, they cannot be used with your Medicare Part D insurance.
