This article is for Medicare eligible people trying to save money on prescription drug coverage. This applies to both those to have (or about to purchase) a stand alone Medicare Part D plan or a Medicare Advantage Plan that offers drug coverage.
5 Ways to lower your Medicare drug costs
1. Select the right Medicare Rx plan
You want to make sure you have the best drug plan that covers your Medicare related drugs at the best rate. Each Medicare drug provider can select which drugs are covered and how much you will pay towards them. The price you pay can vary by many factors including which pharmacy you go to. This means that finding a plan that best matches your drug needs is the best way to ensure you save money. If you have already selected a plan, you should review this each year during Open Enrollment.
2. Consider switching to generics or other lower-cost drugs
There may be generic or less-expensive brand-name drugs that would work just as well as the ones you’re now taking. Talk to your doctor to find out if these are a possibility for you.
3. Mail Order
Which pharmacy you use can affect your price but rarely nothing is less expensive than Mail Order. Using mail-order pharmacies may save you substantial money and in some cases they may send you the drugs for no cost (including shipping!). Click here to learn how to set up mail order part D drugs.
4. Apply for Extra Help
- Medicare and Social Security have a program that helps people with limited income and resources pay for prescription drugs. If you qualify for Extra Help, you could pay significantly less for all your drug needs.
- Some pharmaceutical companies (drug manufacturers) offer help for people who are enrolled in Part D. Find out whether there’s a Pharmaceutical Assistance Program for the drugs you are taking.
- Many states offer help paying drug plan premiums and/or other drug costs. Find out if your state has a State Pharmaceutical Assistance Program.
5. Discount programs
Even with a Part D plan you can save money with discounts through big retailers such as Costco or Walmart, or resources such as GoodRx.
Contact Senior65.com to help you select the right Part D Drug Plan or your Medicare Advantage Drug Plan for you. Please have a list of your current prescription drugs handy. We offer the guaranteed lowest price. You should think of us as a one stop shop and we charge you absolutely nothing for our services.