Anyone who takes medications regularly or has taken them for a specific duration knows that medications are costly. Talking about elders, over 75% of seniors take prescription drugs. No wonder high-cost medications are a top concern for Medicare beneficiaries.
Indeed, Medicare Part D or other private prescription plans help cover the cost, but the copays, coinsurance, and coverage gaps leave beneficiaries paying out-of-pocket
This can create financial stress on the savings as well as the beneficiaries. However, there are still a few ways to help you reduce your medication costs, but you have to do a little research to make it happen.
Here are some ways that will help you reduce the financial drain.
Identify Your Medications
You can only lower your prescription costs if you know where they are being spent. That’s why identifying your medication must be the first step towards reducing your drug costs.
A few options that will help you with it;
Leverage Plan Finder: Before choosing any private plan or Medicare Part D, enter your prescription drug in the plan finder to check whether it provides coverage for it. You can also consider Medicare Advantage when researching. It is a private alternative to Original Medicare and Medicare Part D.
Get a Medigap Plan: If you get the drugs from the doctor’s office, they will be covered under Medicare Part B coverage. However, you can consider Medigap for Part B copayments and coinsurance.
Compare Medicare Advantage Plans: One of the major pros that differentiate Medicare Advantage from Original Medicare is its out-of-pocket limit, which Part B doesn’t provide.
Discuss with Your Prescriber
A discussion with your prescriber can turn out to be a profitable deal for your prescription costs. If you’re taking your medication for a longer time, possibly you won’t need some of them now, or they have an affordable alternative available.
You can eliminate redundancies or find better or equivalent affordable alternatives and generics by talking with your prescriber.
You can also discuss whether you can get a 90-day prescription instead of a month’s medications. Doing so will cut the drugs’ cost and also save you from visiting pharmacies every 30th day.
Your drugs’ cost may vary from pharmacy to pharmacy. Therefore, it is essential to test which pharmacy is giving you the best deal. Call a few pharmacies and ask them what your prescription will cost and compare accordingly. You can also consider your insurer’s preferred pharmacy to get a lower price.
Leverage Discount Cards
One of the simplest ways to reduce your prescription costs is to utilize discount cards. You can try online prescription discount sites and can reduce your bills. Such apps also allow you to search your drugs and show you multiple prices and options in your area, other than available discount codes to use.
What’s even better is that when you utilize discount cards, your out-of-pocket costs won’t get counted towards your Part D plan.
Consider Medicare Extra Help
The out-of-pocket costs incurred by prescription drugs can be reduced with the help of Medicare Extra Help. Medicare Extra Help is solely developed to assist beneficiaries with limited income on their prescription drugs.
However, to enroll in the Extra Help, you have to apply at Social Security. Then, authorities will assess the provided information based on the value of your resources and income. Once found eligible, you will start getting its benefits.
To know about Medicare Extra Help’s eligibility and application, check our guide.
Medicare Extra Help: Eligibility and How to Apply
Check for Pharmaceutical Companies’ Program
Many pharmaceutical manufacturers offer programs that include discounted or even free prescription drugs to those who are eligible. However, not every manufacturer offers such discounted offers, but finding these programs can play a crucial role in reducing your prescription costs.
You can search the database at Medicare.gov to identify drugs and saving availability. These programs help manufacturers in gaining awareness and also help individuals who cannot afford their medications.
Pay Attention to your Lifestyle — Diet & Exercise
Prevention is better than cure. And that’s why instead of spending more on medications, one must pay attention to their lifestyle. It also exposes them less to diseases and infections.
A healthy body and mind asks for;
(i) a healthy diet, such as whole foods containing macro & micronutrients, and
(ii) regular exercise
Notably, a healthy diet and regular exercise also reduce the risks of hypertension and diabetes.
Indeed, choosing a fit lifestyle asks for consistency and dedication, but it can pay back in unexpected ways and drastically reduce your medication costs.
Try Generic Substitute
Individuals believe that generic equivalents are inferior to brand name drugs and therefore consciously buy brand name drugs. However, you can buy generic equivalents unless your physician asks you not to.
Generic drugs work as well as brand-name drugs do in most instances. Therefore, it is a great way to reduce your medication costs. Notably, the state law varies, and pharmacists are required to substitute the generic drugs only if the prescribers indicate.
Consult Simpler Horizons Insurance Solutions
No matter how many ways you know to reduce the medication costs, you won’t like to spend your entire life checking companies’ programs or discount cards. There is also a way to fill the coverage gaps in your plans, i.e., consulting experts — Simpler Horizons Insurance Solutions.
Our licensed insurance agents specializing in Medicare assess your medical needs and suggest a suitable plan accordingly. We ensure there are no coverage gaps. However, you can still use these ways as a cherry on top.
Schedule a free consultation call with us now!