Money saving tips for medications
Are your medication costs going up? Have you noticed them fluctuating throughout the year? Did your doctor prescribe a medication that costs as much as your grocery bill? If the answer is yes to any of these questions, then read on to receive some money saving strategies on prescription copays and coinsurance.
First and foremost, the majority of prescription drug plans offer preferred and standard/ participating pharmacy lists. The vast majority of the time, you’ll receive lower copays/ coinsurance when you pick up your meds from preferred pharmacies. Sometimes the difference is a few dollars, and sometimes the difference is hundreds of dollars. To find out which pharmacies are considered preferred for your specific plan, open up your plan’s Evidence of Coverage, visit the plan’s website, or call Member Services (phone number is printed on the back of your card). You can also find out about specialized pharmacies and mail order services suing the above- mentioned resources as well.
Ask for generic instead of brand name. Although there will be some instances where a generic prescription is not available, it can’t hurt to check with your physician to see if a generic version of the medication available. More often than not, a generic prescription will be less expensive than a brand name medication.
Utilizing a plan’s mail order service may also include some RX copay incentives. The mail order program will provide a 90- day supply of medication to your doorstep, and many plan’s will offer significant copay/ coinsurance reductions for having your medicines mailed to you from the plan’s pharmacy of choice.
Research to see if you qualify for prescription assistance through a pharmaceutical assistance program. There are a number of different manufacturer or discount programs available for qualified individuals and may help with prescription copays/ coinsurance. Depending on the type of medication, your doctor’s office may be able to help you apply for assistance. You can also call your local insurance agent’s office and ask if he/ she has knowledge of any prescription assistance programs pertaining to your medication. If all else fails, a quick internet search may provide you with some information on some assistance as well.
Applying for Extra Help is a guarantee to help alleviate some prescription costs. But you must qualify for the low- income subsidy in order to receive the extra help.
Discount prescription cards seem to be everywhere right now. Prescription cards may be able to help you save money, but you’ll have to know which pharmacies allow them to be used. Keep in mind that discount prescription cards are not an alternative to prescription drug coverage, and if you use one of these cards, your out-of-pocket costs won’t be counted towards your Part D TROOP ) true out of pocket). This is important to keep in mind to determine if it’s advantageous to use one or not.
Lastly, each year during Medicare’s annual enrollment period (Oct 15- Dec 7), you have the option to look at the following year’s prescription drug plans. This is the time to be sure you have the right plan for you, and make any necessary changes. Call your local insurance agency to set up an appointment during this timeframe to review all of your plans.
If you have any questions or concerns about your plan, you can call the customer service number on the back of your card. However, if you wish to speak to someone in person, you can always call your local insurance agent (870-425-2004); we’re here to help.
Be well!