By Boettcher Insurance Agency
As healthcare costs rise, finding ways to reduce out-of-pocket expenses is becoming more popular for Medicare beneficiaries. If you’re currently enrolled in a Medicare Part D plan, you have options beyond standard drug coverage to help lower costs. Here are some strategies to consider:
1. Explore Assistance Programs for Prescription Costs
If you’re finding it hard to afford your medications there are several programs that can help. GoodRx and Cost Plus Drugs are great resources for finding discounted medications. These programs don’t require Medicare enrollment, but many of our clients love the savings they offer on commonly prescribed medications. Shopping at stores like Costco can also provide significant savings, as they often offer lower prices on many prescription medications. You don’t even need a membership to access the pharmacy services. This means anyone can take advantage of Costco’s competitive pricing on basic medications.
2. Consider Generic Alternatives
Switching to generics or less expensive brand name alternatives can be a great way to save. Many medications have generic versions that are equally effective but significantly less costly. If you’re on a brand-name medication, ask your doctor if there are lower-cost alternatives available that would work just as well for you. To find more information about generic alternatives from the Food and Drug Administration, click here.
Another way to save is by choosing mail-order pharmacy options, which sometimes offer lower costs than retail pharmacies and can also be more convenient.
3. Medicare Prescription Payment Plan (Starting in 2025)
Beginning in 2025, Medicare will offer a new Prescription Payment Plan, a resource for beneficiaries who want to spread their medication costs over the year. This option doesn’t reduce drug costs but helps manage expenses by distributing payments monthly instead of paying for prescriptions up front.
With the Medicare Prescription Payment Plan you’ll still pay your regular plan premium and then you’ll receive a monthly bill from your drug plan to cover the medication costs. Participation comes at no extra cost. Contact your plan by calling the number on the back of your card to see if this payment option is right for you.
A Word on Shopping Around
Yes, this is redundant, but shopping around for your medications is more accessible than ever with options like GoodRx and Cost Plus Drugs. You can compare prices at local pharmacies and online. Even though you’re already on Medicare and a prescription plan, these services may offer better prices on certain prescriptions. It’s worth checking if you can get your meds for less!
Managing prescription costs doesn’t have to be stressful. With these strategies, you can take steps toward making your medication expenses more affordable. If you have any questions about your options or want to discuss how to make the most of your benefits, reach out to us we’re here to help!
