5 Important Medicare Part D Tips To Save You Money
Costs associated with Medicare Prescription Drug Coverage (Medicare Part D Plans) are or will eventually be the highest costs for Medicare recipients. According to the Rx Price Watch report, published by the AARP Public Policy Institute, hikes in the price of drugs doubled on average over 7 years. Prescriptions often used by individuals on Medicare increased an average of 9.4 percent for one year. As this trend is expected to continue, taking all cost cutting measures will become more and more necessary. Here are 5 Medicare Part D tips to ensure you are saving the most money possible on your plan.
Medicare Part D Tips That May Save You Money on Prescription Drugs
1. Check your plan on www.medicare.gov every year – Unfortunately many Medicare recipients sign up for a Part D plan when they first enroll for Medicare and never compare alternative prescription drug plans again. This is a common and often extremely costly mistake.
2. Ask for generics – Check with your doctor and make sure you have generics when available. Ask once a year to verify a new generic alternative is available on the market. This may not only save you on Medicare Part D copays, but may help avoid the Coverage Gap “Doughnut Hole.” Bring the formulary list for your plan to your doctors’ appointments to make sure you get the lowest cost prescription for a particular ailment.
3. Shop Pharmacies – It is great to have a relationship with your pharmacist, but sometimes Name Brand prescriptions can be obtained much cheaper at another pharmacy. Your Prescription Plan card may be used at multiple pharmacies. Be sure your pharmacist is aware of other prescriptions to avoid any drug interactions.
4. Apply for State and Federal Aid – Many individuals qualify for Extra Help from Medicare Part D or with a State assistance program. These programs are designed to help qualified seniors with help paying the cost of plan premiums and the costs of prescription drugs. You can go online at www.socialsecurity.gov/extrahelp or call social Security at 1-800-772-1213 for more information about this help.
5. Think outside the box – What would you do if a doctor prescribed a medication not covered by your current Part D plan? First, you and your doctor should request a Formulary Exception with the plan. Second, you should ask for free samples from the doctor. Finally if that doesn’t work go to www.goodrx.com to find the lowest cost pharmacy without insurance in your area for a particular prescription. The following year confirm your new plan covers all of your prescribed medications.
We hope you use these Medicare Part D tips help you to save money on prescription drugs. Prescriptions costs are most likely going to continue to increase year after year. Go to www.medicare.gov or call your Medicare Advisor and have a strategy in place to save as much money as possible on Medicare Part D. You can learn more about Medicare Prescription Drug Coverage plans here.
Medicare has neither reviewed nor endorsed this information.