If you have Medicare and want to save money on drug costs, there are a few tips that can help you do so. Medicines can be costly. Prescription drugs are a major component of the overall cost of healthcare for seniors. According to the FDA, more than 80% of people aged 65 years or more are taking at least one medication, and almost half of them take three or more.
5 tips to lower your drug costs
1. Get Medicare Part D Coverage
Also referred to as the Medicare prescription drug benefit, Medicare Part D is a US federal government program to subsidize the expenses of prescription drugs and their insurance premium for Medicare beneficiaries. This plan enables you to get access to medications at a more reasonable cost and also provides insurance against catastrophic drug expenses.
Compare Medicare Part D plans to find coverage that fits your needs. Look for plans that include your prescription drugs on their formulary (a list of prescription drugs covered by a drug plan). Then, compare costs. Don’t forget to check your medication copays.
If you already have Medicare Part D coverage, you should always review your plan’s Annual Notice of change. Maybe a drug you need is no longer in their formulary and it may be a good choice to change plans.
Medicare Part D coverage can be difficult and have many details that can go unnoticed. Talk to Medicare experts who can help you find the best coverage for you.
2. Ask About Generic Drugs
Ask your doctor if you can take a generic medication instead of a brand-name drug. It’s important to remember that generic medicines approved by the FDA work in the same way and provide the same clinical benefit and risks as their brand-name counterparts. They are the same high quality as their brand-name versions. The brand-name drug costs more because of the original research that was required to create it.
3. Talk to Your Doctor About Medicine Costs
Your provider may help you find a less expensive alternative. Also, if your doctor gives you a prescription for a new drug, you can ask for samples to try before filling the prescription. But you shouldn’t always count on those free samples.
4. Shop Around Local or Online
Take a look at prices at different local and online drug stores and pharmacies. Shopping around can help you find the lowest price. Remember: not everything on the internet is safe. It is very important to know which websites are reliable and safe.
5. Use Prescription Drugs Wisely
Always take the medicines for the time and the way your doctor directs you to. It can avoid illness and more out-of-pocket costs.
Check with your doctor at each visit to make sure you still need to continue taking that medicine. New technologies and formulas may have been discovered and approved. There may be less expensive ways to treat your condition.
Take Care of Your health
One of the best ways to save money on medicines and other healthcare costs is taking care of your health. Drink more water, eat fruits and vegetables, and exercise.
In case you need help with Medicare issues, we are here for you!
Give us a call and talk to one of our Medicare experts at 866-713-3267.
Newest Articles on our Blog
It is important to understand your patient status when receiving hospital care. In some cases, patients may be placed under "observation" status. This decision can have significant financial and physical consequences. Recent legislation gives Medicare beneficiaries...
Out-of-pocket costs are the health care expenses that may or may not be reimbursed by your insurer. An out-of-pocket cost is an expense you pay with your own money. Health insurance plans have out-of-pocket maximums by law. That sums the total amount you must pay each...
First things, first: what is Obamacare? “Obamacare” is a nickname for the healthcare law known as PPACA of 2010. The law is often called the Affordable Care Act (ACA) too. And, it also includes ACA Open Enrollment. It aims to reduce healthcare spending and give more...
Get Your Free Copy of the “Ultimate Medicare Quick Reference Guide” from Florida Medicare Agency!
This guide helps you learn about the different parts of the Medicare program, including Medicare Part A and Part B (together, they are often called “Original Medicare”), Part C (often called “Medicare Advantage”) and Part D (the part of Medicare that covers your prescription medications).
This website and its contents are for informational purposes only. Nothing on the website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.
Florida Health Agency is a licensed health insurance agency certified to sell Medicare products. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Medicare has neither reviewed nor endorsed this information.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.