According to a federal report, up to 5 million individuals in the United States under the Medicare program cannot afford their prescription medications, which might lead to them skipping doses of their daily intake.
This begs the question, is it possible to save money on a prescription plan? It’s up to us to derive ways to save every dime! Let’s find out in this discussion.
A drug formulary is a list of medications covered by an insurance provider. Whether you have a private insurance policy or Medicare Part D, you should know which drugs are covered and to what extent.
It can be challenging to find out about the cost of each drug; however, a drug formulary can help avoid surprises along the way. Plus, some carriers have a deductible or out-of-pocket expense you must pay before they settle the prescription bill.
If the medication is too expensive, you can ask your pharmacist if they have a low-cost alternative. Still, ensure the medicine is on the formulary list.
Some companies provide discounts on certain drug policies to customers who purchase their prescription plans directly rather than via pharmacies. It mostly applies to state-based programs like Medicare and Medicaid.
Some big U.S. retailers, such as Walmart and Target, sell multiple versions of generic drugs from top brands.
The advantage of buying from these retailers is that their prices may be lower than what pharmacies offer because they order their products in bulk. Check if your local store sells the prescription drugs depending on your insurer’s approved list.
Before signing up for a policy, shopping around for affordable options covering medical and prescription costs is essential. Different providers have varying premiums, which you must pay monthly or yearly. It may not be sufficient to cover your medication costs if you have an underlying condition and are under Original Medicare Part A. In this case, you can take out Medicare Part B, which covers prescription drugs.
Although it’s not free, Part D offers affordable drugs not covered by Medicare part A, which covers medication administered during an inpatient setting. On the other hand, Medicare Part B only covers a few drugs administered in a doctor’s office. Therefore, Part D is a better alternative for obtaining drugs to treat chronic conditions.
If the drugs are not in the Medicare plans, you can request a formulary exception from the Centers for Medicare & Medicaid Services.
Some providers may have higher copays for prescription drugs than purchasing them directly from the pharmacies. In this case, you can contact different pharmacies to compare the copay cost and get the best deal.
Further, you can use readily available online tools to compare the costs of medications from major drug stores and get the best price.
If you have no insurance, you can get a discount card which is an incentive to help you save money on prescriptions. When buying drugs, you’ll need to present the card to the pharmacist and redeem the savings on your prescription.
Usually, discount cards are free; however, some companies may charge processing and annual maintenance fees. Be sure to check with your provider if any charges are associated with their prescription discount service cards.
Shopping online offers you the convenience of getting your prescription drugs anywhere on the go and allows you to compare different pharmacies and obtain the best price.
Before considering this option, it’s crucial to find out if the pharmacy is certified and accredited to sell prescription drugs. You can verify this information from the National Association of Boards of Pharmacy. With this approach, you’re also assured of getting high-quality drugs.
Some drug companies offer discount coupons for prescription drugs that can help you save up to 80% on your medication cost. First, know which pharmacies are eligible for this program by calling support or checking the company’s website for participating stores.
Some pharmacies also have incentives to entice customers to fill their prescriptions with them.
You don’t have to buy drugs at high prices when there are ways of saving money. Hopefully, this discussion has offered valuable tips to help you save money on your next prescription.