Call Our Team today!
1 (855) 600-0137
Six Smart Ways to Lower Prescription Drug Costs
Each year, toward the end of the third quarter, the ads show up in the mailbox of both potential and current Medicare beneficiaries. All with a similar message: get our prescription drug plan! Only about 13% of beneficiaries make a change to their current plan.
Reevaluating prescription drug coverage can feel tedious, but can also result in significant savings in the upcoming year. Some beneficiaries feel it is unnecessary coverage they do not need. Keep in mind, even without taking any medication, the coverage itself is there to be sure the beneficiary avoids penalties and has the coverage should something arise.
Others change plans yearly based on changes and what is available. This and save money or offer more flexibility, and even may cover more and new medications.
Take a look at these tips and consider the options available for the coming year.
Exercise Your Free Annual Physical
Every year, Medicare provides one free wellness exam. This is a perfect time to review medications with a health care provider and evaluate to see if other options may be suitable.
New medications may come out, potentially having lower risk or even lower cost. Come to the wellness exam with a list of your medications to evaluate.
If taking a more expensive medication, ask the prescribing physician if there are any samples available. A one-month supply of a medication could save hundreds of dollars and/or potentially keep someone out of the Coverage Gap, or “Donut Hole” longer.
Switch to the OTC Version of the Medication
Some prescriptions may be approved for over the counter, or OTC, sale. Every year the FDA approves different drugs for OTC sales, and it can be worthwhile to find out if there is an OTC version of a prescription medication that the doctor approves to work similarly. Be sure to discuss this with your provider before making any changes to your medications or dosage.
Use a Mail-Order Service
Most Medicare beneficiaries who use a mail-order drug service, like the ease of getting drugs straight to their home, as well as receiving a bit of a discount on a larger supply of the drug.
An option for a mail-order pharmacy comes with most Part D plans. The mail-order option may offer lower copayments for prescriptions compared to a regular pharmacy. Generally a ninety day supply can be ordered through the mail, versus the thirty day supply usually available at a walk-in pharmacy. The prescription typically needs to be written for a year to be able to utilize 90-day pick up cycles.
It is important to plan ahead. Be sure to take into consideration how long it takes for a mail-order prescription to get to arrive and schedule them to come in time, with no lapse in your schedule.
Consider the Deductible
Some Part D prescriptions drug plans have a deductible, or dollar amount that must be met before the plan kicks in. Others may not but this will affect the cost. All factors should be taken into consideration before enrolling into a drug plan.
Work with your Medicare agent who can go through your medications with you and check pricing and plan options to help you find the plan that makes the most sense.
Reviews
“The Ignite Team has been a fantastic resource for my wife and me. We couldn't be happier with the assistance they were able to provide us."
- Roger D
"All my expectations were met, which is why I called them first. They are efficient, knowledgeable and made the whole process very easy. You can trust them with all your Medicare needs!"
-Rosemary H.
"If you're looking for an experienced brokerage who know the system inside and out, look no further. You'll be guided to your to perfect solution that is most beneficial to you!"
- Walt G
Subscribe to our Monthly Newsletter
From Ignite Insurance Group
Thanks for subscribing! Please check your email for further instructions.
We don't like spam. Our newsletter helps to educate about Medicare.
Use a Preferred Pharmacy
Some Medicare plans have particular pharmacy networks that they prefer to work with. Be sure to check find out this information respective to your plan to help save as much as possible. Using certain pharmacies can affect the price for each drug so it may be beneficial to check with multiple pharmacies if a higher cost drug is prescribed. Also, be sure to utilize the list of generic medications offered by certain pharmacies, instead of going through your insurance carrier. Many pharmacists are aware of this. Plus, this tip alone can help anyone stay out of the Donut Hole longer and reduce drug costs overall. However, It might not help as much if only taking a few medications, but if there are a combination of more expensive medications, or have a higher amount of them, it can really add up.
Under the Affordable Care Act, the coverage gap has improved each year to reduce the cost of medications. With each passing year, discounts for prescription medication will be deeper, and eventually the gap will close entirely.
Lower Medicare Drug Plan Costs with Online Discount Companies
In the age of the internet, it can be easier to find prescription drug discounts than ever before. There are coupons for prescription medications in many places. It may be possible to find a lower price for many prescriptions with sites like GoodRX.com. It is always worth a quick look to do a price comparison.
When possible, purchasing any medications cheaply outside of a Part D prescription drug plan, works toward lowering the overall cost of your plan.
We check quotes from available carriers in your area
Ignite Insurance Group
169 Inverness Dr W #350
Englewood co 80111
855-600-0137
Dental Insurance Plans
Our individual dental plans are affordable and can be used for almost any provider - we are happy to give you a quote for a plan available in your area!
Connect With Us:
Copyright © 2024 Ignite Insurance Group | All rights reserved.We are Licensed in Most States. Privacy Policy Terms and Conditions