For very many seniors, paying for the cost of prescription medications can often be the most expensive part of their over all annual health care budget. Having a Part D prescription drug plan can help, but even then the deductibles, co-payments and dealing with the coverage gap (donut hole) can still make paying for your medications a considerable challenge. This article provides several ideas that you may want to be aware of in the future if you experience issues in being able to afford your medications . . .
3 Ways to Save on Medicare Prescription Drugs
It’s no secret that prescription drug costs are on the rise, to say the least. Many folks who are getting onto Medicare for the first time find that the overall health coverage they experience as a Medicare beneficiary is often more robust and less expensive than the health insurance coverage they had prior. But often times people are surprised to learn that they will actually pay MORE for their medications when they are on Medicare.
Medicare drug coverage can be obtained either through a stand alone Part D drug plan, or through a Medicare Advantage Plan that includes Part D drug coverage. Every year, Medicare has a set formulary, or list of drugs that all Medicare Part D drug plans must cover. Aside from that, plans can differ in which medications they include in their particular formulary. Medicare has no “cap” on your out of pocket Rx costs, and if you’re taking expensive medications it’s likely you’ll fall into the “donut hole” or coverage gap. This means that when you reach a certain spending threshold, you’ll be responsible for a greater portion of the cost of your drugs. If you find that your Medication costs are getting too expensive, there are a few alternatives I like to recommend:
1. Pay Cash – without using your insurance card, and use coupons for discounts. My favorite website to recommend is www.goodrx.com — this site will let you know which pharmacies in your areas have the lowest prices for your medications, and the site provides free coupons for many drugs as well. If you are at a risk for or close to reaching the Medicare “donut hole” this year, sometimes paying cash for some your less expensive medications using coupons can help you avoid the coverage gap.
2. Apply for Extra Help – Certain Medicare beneficiaries can qualify for Extra Help with their Medicare prescription drug plan costs. This Extra Help is estimated to be worth about $4,000 per year. To qualify for the Extra Help a person must be receiving Medicare and have limited resources and income. In 2018, in order to qualify for extra help your combined savings, investments, must not be worth more than $28,150 if you are married, or $14,100 if you are not currently married or not living with your spouse. Resources like your home and your car don’t count toward this qualifying amount. To apply for extra help, you can go online to ssa.gov, or call social security at 1–800–772–1213.
3. Look into Co-pay cards – Many pharmaceutical companies offer financial assistance programs for the drugs they manufacture. For folks talking expensive specialty medications for chronic conditions, you can often save thousands of dollars on your medications if you qualify. Qualification criteria will vary based on the drug manufacturer. To see if you qualify, visit https://www.medicare.gov/pharmaceutical-assistance-program/.
Additional tips: Talk to you doctor about generics. Generic medications can often get you the same results at a much lower price point. Some of my clients have also had success using Canadian pharmacies like blueskydrugs.com.
Lastly, many folks tend to go on auto pilot when it comes to their stand alone Part D coverage. It is so important to shop your Part D drug plan annually during the Medicare Annual Election Period, which runs every fall from Oct. 15th — Dec. 7th. Each year your Part
D Plan benefits can change, the formulary and tiers can change, and it’s important to review your policy annually to maximize your savings.
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If you have any questions about this subject or would like to speak to us about any of your Medicare needs in regards to Medicare supplement, Medicare Advantage or Part D prescription drug plans, I would certainly be very happy to speak with you.
I am an independent agent specializing in the senior market. My services to you will always be FREE. I would be very happy to look at your current coverage and compare it to the marketplace to make sure that you are still getting a good value.
Billy Williams
800-499-1942
