10 Ways Seniors Can Save Money on Prescription Drugs

Prescription drug costs are a major financial burden for many seniors. The average Medicare beneficiary takes 4-5 prescription medications, and costs can easily reach $3,000-$10,000 per year without the right strategies.

Here are 10 proven ways to reduce what you pay.

The most impactful thing you can do: choose a Part D plan with your specific medications on the lowest possible tier. The same drug can cost $5 on one plan and $80 on another.

Use Medicare Plan Finder (Medicare.gov/plan-compare) every year during AEP to compare total annual drug costs -- not just premiums -- across all available plans in your ZIP code.

Generic drugs contain the same active ingredients as brand-name drugs and are FDA-approved as equivalent. They typically cost 80-90% less.

Ask your doctor: "Is there a generic version of this medication?" For many common drugs -- statins, blood pressure medications, antidepressants, diabetes medications -- generics are available and equally effective.

Most Part D plans offer lower copays for 90-day mail-order supplies compared to 30-day retail fills. If you take a maintenance medication (one you take every day), switching to mail order can save $100-$500/year.

Some medications are available in higher doses at the same price as lower doses. With your doctor's approval, you can split higher-dose pills to get two doses for the price of one.

Example: If your statin is $30 for 30 tablets of 20mg, ask your doctor if you can take 40mg and split the tablets -- getting 60 doses for $30 instead of 30.

Not all medications can be split safely. Ask your doctor or pharmacist before splitting any pill.

Most major pharmaceutical manufacturers offer patient assistance programs (PAPs) that provide free or discounted medications to qualifying patients. Income limits vary but are often generous.

Resources:

• NeedyMeds.org -- database of patient assistance programs
• RxAssist.org -- another comprehensive database
• Partnership for Prescription Assistance (pparx.org)

GoodRx and similar programs (RxSaver, Blink Health) offer discount coupons that can sometimes beat your insurance copay -- even with Medicare Part D.

How it works: Show the GoodRx coupon at the pharmacy instead of your insurance card. Compare the GoodRx price to your Part D copay and use whichever is lower.

Note: You cannot use GoodRx and Medicare Part D for the same prescription -- it's one or the other.

If your income is below about $18,000/year (individual) or $24,000/year (couple), you may qualify for Extra Help -- a federal program that reduces Part D premiums, deductibles, and copays to near zero.

Extra Help can save eligible seniors $4,000+ per year. Apply through Social Security (ssa.gov or 1-800-772-1213).

Sometimes a different medication in the same drug class is available as a generic or at a lower tier on your Part D plan. Ask your doctor: "Is there a therapeutically equivalent medication that would cost less on my insurance?"

Most Part D plans have preferred pharmacy networks where copays are lower. Switching from a standard pharmacy to a preferred pharmacy can save $200-$500/year on the same medications.

Check your plan's preferred pharmacy list and consider switching if a preferred pharmacy is convenient.

Work with your doctor to review all your medications at least once a year. Some medications prescribed years ago may no longer be necessary. Eliminating even one medication can save hundreds of dollars per year.

Also ask about step therapy alternatives -- sometimes starting with a less expensive medication and stepping up only if needed is both medically appropriate and significantly cheaper.

We do not offer every plan available in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.