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Coping with drug costs can be a challenge, especially for seniors who rely on Medicare. However, there are several drug-saving strategies under Medicare that can help you reduce expenses without compromising your health. Below, we share some key recommendations to maximize your benefits and control your prescription drug costs.
One of the best ways to save on drugs under Medicare is to review your Medicare Part D plan each year. Part D plans can change their lists of covered drugs (formularies), costs, and conditions, which can directly impact your expenses. During the Open Enrollment Period, you can compare your current plan with other available plans and switch to one that offers better coverage for the drugs you use regularly.
Be sure to review the costs of premiums, deductibles, co-payments and co-insurance for the medications you take. This way, you will be able to select the plan that best fits your needs and budget.
Opting for generic drugs instead of brand-name drugs can result in significant savings. Generics contain the same active ingredients as brand-name drugs, but are often much more affordable. Medicare covers many generic drugs, so it is always wise to ask your doctor if there is a generic option for your current prescriptions.
In addition, some Medicare Part D plans offer different tiers of coverage depending on the category of drug. Generic drugs are often in the lower tiers, which means you will pay less for them.
There are several pharmaceutical assistance programs that can help reduce drug costs under Medicare. For example, the "Extra Help" program is designed to help people with limited incomes pay for the costs of their Part D drug plan. This program can cover premiums, deductibles and co-payments, making it easier to access drugs.
Additionally, some pharmacies also offer discounts or loyalty programs for certain medications. Check with your local pharmacy for additional savings options.
Another effective way to save on drugs under Medicare is to shop at pharmacies that are in your plan's network. In-network pharmacies generally offer lower prices than out-of-network pharmacies. Check with your plan to make sure you use preferred or network pharmacies to get the best possible price.
Many times, it is more economical to purchase drugs in a long-term supply. For example, if your doctor authorizes it, you can order a 90-day supply of your medication instead of a smaller quantity. This can reduce the frequency with which you pay co-payments and often leads to discounts on the unit price as well.
In some cases, online or mail-order pharmacies offer more competitive drug prices. Medicare covers drugs purchased through certain mail-order pharmacies, which could result in additional drug savings under Medicare. Make sure the online pharmacy is accredited and part of your plan's network to ensure you receive benefits.
Saving on drugs under Medicare is possible if you make the right choices. From reviewing your Medicare Part D plan to looking for generic options and using assistance programs, there are several strategies that can help you reduce costs without compromising your treatment.
At Avila Medicare Solutions, we are here to help you navigate these changes and maximize your benefits. If you need free expert advice about Medicare and how to save on prescription drugs, don't hesitate to contact us. Call us today at 855-GO-AVILA to schedule a personalized consultation to make sure you are getting the best value from your coverage.