Seniors are often prescribed medications by their doctor. In many cases, these prescriptions come at a hefty price tag. Most people would love to save money on their prescription medication. Medicare can help reduce these costs by offering assistance to those who need it most. There are several ways you can save money on your medication using medicare, and this article will briefly explain how each works.
Compare prices on your medications to find the best deal
Most medications are offered at different prices by different doctors, pharmacies, and medical providers. You can easily compare prices on your medication and find the best deal for you.
Through his experiences as CEO and founder of the 400-person Medicare platform EasyHealth, entrepreneur David Duel has developed a wide breadth of knowledge on Medicare. He observes,”There are several ways to save money on medications using Medicare, but comparing prices is one of the most effective methods. If you do not know where to begin looking for the lowest price, ask your doctor or pharmacist if they have a preferred provider list (PPL). These are lists of pharmacies that offer lower prices on their medications.”
Ask your doctor if you can get a generic version of your prescriptions
Many seniors prefer to use a generic version of their medications. This is simply when a pharmacist uses a similar chemical compound in the medication that can be sold at a lower price. The active ingredients are exactly the same, meaning you are getting the same medical benefit. What differs in generic medications is the non-active ingredients. Many pharmacies offer both brand-name and generic versions of prescriptions for you to choose from.
Ask about free samples when filling out new prescriptions
David Duel says, “Most seniors do not realize that it is possible to receive free samples from their doctors or pharmacists when getting prescriptions filled out at pharmacies. Sometimes your doctor will have free samples of medications provided by pharmacy sales representatives. If this is the case, ask if you can have a free sample before filling out a new prescription for medication at the pharmacy.”
Get prescription coverage for less than $5/month with Medicare Advantage Plans
Most seniors pay a monthly premium for their prescription coverage. In most cases, the average senior spends around $30/month on their prescriptions. However, some Medicare Advantage Plans can offer prescription coverage at a much lower rate than this.
Take advantage of drug discounts offered by some pharmacies and grocery stores
David Duel advises, “Research which pharmacies in your area offer drug concessions before filling out new prescriptions. Some pharmacies and grocery stores offer discounts on prescription medications. While the discount may not be very large, it is still something you should take advantage of if you can. You can also use these coupons to purchase over-the-counter medication at a discounted price as well.”
Keep track of all the prescriptions you’re taking at home, in case one interacts with another medication or causes an overdose.
One of the biggest mistakes seniors make is not keeping track of all their medications at home. If you are taking multiple prescriptions, it’s important to keep a list of each one in case something goes wrong with your health. Many times, interactions can occur between two different types of medication that cause serious problems for patients who take them together.
While you are figuring out how to save money on your prescriptions, make sure all your medication options continue to work well with each other. It’s not worth potentially injuring yourself to save a few bucks.