1. Annually Review Medicare and Supplemental Plans

Each year plans allowed by Medicare Part D and the supplemental insurance they require can change coverage and premiums, as well as deductibles. Seniors need to make sure they are getting the best value for their Medicare plan and so it is extremely important that they review their plan each year during their Medicare open enrollment period, which runs from October 15th to December 7. Each plan covers prescription medications in a different way, and choosing the plan that will save a senior hundreds of dollars per year.

Different Medicare Part D Prescription Drug Plans will vary in their coverage of some medications. The program Medicare Extra Help for low-income seniors has the potential to cover a large part of prescription medication costs, up to $5,000 a year in prescription costs. To find out if these plans cover more, check with Medicare or a local health insurance counselor.

2. Get Help from Pharmaceutical Assistance Programs (PAPs)

Many pharmaceutical companies have PAPs including free or discounted medication to eligible patients. Income level and insurance status are the most common eligibility criteria, but it’s worth looking into if your medications are really expensive. NeedyMeds and RxAssist are programs that list these PAPs and also can guide seniors through application process. This reduces monthly medication expenses to little or nothing in some cases.

3. Compare Prices Using Online Tools and Apps

Online services like GoodRx, SingleCare, and Blink Health help seniors to compare prices from different pharmacies. These sites provide coupons and discount codes that are many times better than anything you’d get through insurance. By showing these digital coupons at the pharmacy, you stand to save a significant amount. You might be surprised to know how much the prices differ from one pharmacy to another, even within an area.

4. Buy in Bulk or Choose a 90-Day Supply

Long-term medications can be bought in bulk or as a 90-day supply, rather than the standard 30-day. Many pharmacies offer discounts for bulk purchases, and some insurance companies will lower the co-pay amount if you choose extended supplies. This saves you money because not as many trips to the drugstore are required, meaning less money spent on transportation.

5. Use State and Local Programs

The majority of states operate programs to assist in paying for prescription medication costs for seniors. Many of those, like the SPAPs, are available only to the elderly and cover a good deal of financial burden. In conjunction with state programs, local municipality resources may be available that will offer free or low-cost medications for specified ailments. Contact state resources or seek out advice from a social worker or health counselor.

6. Buy Drugs from Reputable Online Pharmacies

Buying from online pharmacies that are verified may be less expensive, especially for commonly used medicines. Still, not all websites are credible, which sell unsafe drugs. For your safety, purchase from a pharmacy certified by NABP or with a seal from Verified Internet Pharmacy Practice Sites-VIPPS. Websites like PharmacyChecker.com verify credentials of online pharmacies so that you can guarantee medication sold is safe as well as effective.

7. Utilize Senior Discounts and Membership Programs

Many pharmacies, including large chains, offer special discounts and membership programs for seniors. For example, some of these programs offer members free or low-cost access to certain generics. Checking in with your local pharmacy to see about senior savings programs is quick and easy to make sure you are not overpaying.

Conclusion

Being proactive with medication costs pays when it comes to handling finances but also health and well-being in later years. Never be afraid to ask questions and request help: there are many resources available that are designed to assist seniors in saving money on their prescriptions.