How to save money on your Medicare drug costs

If you have Medicare and want to save money on drug costs, there are a few tips that can help you do so. Medicines can be costly. Prescription drugs are a major part of the overall cost of healthcare for seniors. According to the FDA, more than 80% of people aged 65 years or more are taking at least one medication, and almost half of them take three or more.

5 tips to lower your drug costs.

1. Get Medicare Part D Coverage

Also referred to as the Medicare prescription drug benefit, Medicare Part D is a US federal government program to subsidize the expenses of prescription drugs and their insurance premium for Medicare beneficiaries. This plan enables you to get access to medications at a more reasonable cost and supplies insurance against catastrophic drug expenses.

Compare Medicare Part D plans to find coverage that fits your needs. Look for plans that include your prescription drugs on their formulary (a list of prescription drugs covered by a drug plan). Then, compare costs. Don’t forget to check your medication copays.

If you already have Medicare Part D coverage, you should always review your plan’s Annual Notice of change. Maybe a drug you need is no longer in their formulary and it may be a good choice to change plans.

Medicare Part D coverage can be difficult and have many details that can go unnoticed. Talk to Medicare experts who can help you find the best coverage for you.

2. Ask About Generic Drugs

Ask your doctor if you can take a generic medication instead of a brand-name drug. It’s important to remember that generic medicines approved by the FDA work in the same way and provide the same clinical benefit and risks as their brand-name counterparts. They are the same high quality as their brand-name versions. The brand-name drug costs more because of the original research that was needed to create it.

3. Talk to Your Doctor About Medicine Costs

Your provider may help you find a less expensive alternative. Also, if your doctor gives you a prescription for a new drug, you can ask for samples to try before filling the prescription. But you shouldn’t always count on those free samples.

4. Shop Around Local or Online

Look at prices at different local and online drug stores and pharmacies. Shopping around can help you find the lowest price. Remember: not everything on the internet is safe. It is important to know which websites are reliable and safe.

5. Use Prescription Drugs Wisely

Always take the medicines for the time and the way your doctor directs you to. It can avoid illness and more out-of-pocket costs.

Check with your doctor at each visit to make sure you still need to continue taking that medicine. Recent technologies and formulas may have been discovered and approved. There may be less expensive ways to treat your condition.

Take Care of Your Health

Empower your Medicare journey and save on your drug costs with these actionable tips! Click the link below to explore the 5 effective strategies to lower your prescription expenses. Whether it’s navigating Medicare Part D, considering generic options, or shopping smart, our experts at NavSav are here to guide you. Take control of your healthcare expenses. Visit our website for valuable Medicare solutions and ensure a healthier, budget-friendly future.

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