Saving Money on Prescription Drugs

Prescription drug costs can be a challenge on Medicare, especially if you are coming off of employer group health and you require any kind of specialty, name brand drugs. It's not uncommon to discover that a drug that cost you maybe $30 or $40 on an employer group health plan now costs hundreds of dollars under your Medicare plan. As your agent, I will always shop plans that will minimize your drug costs under Medicare. Beyond that, there are still things you can do to reduce your drugs costs under Medicare even further.

First, always find out how much a new prescription will cost under your Medicare coverage. By the time the drug is ready for pickup at your pharmacy, you will know exactly what your cost will be. Typically, tier 1 and tier 2 drugs will either be free or extremely low cost. Drugs on tiers 3, 4 and 5 can pose cost challenges. If the cost under your Medicare coverage is acceptable to you, buy the prescription through your plan. If the cost is unacceptably high, look at alternatives. I'm a big fan of coupon-based discounts available through goodrx.com, singlecare.com and others. Also, check out Mark Cuban's Cost Plus online pharmacy at costplusdrugs.com.

If you’re a smartphone user, the coupon-based sites have apps you can install on your phone. No smartphone? Just ask the pharmacy checkout if there are any current coupons available for your medication. However you get the coupon, if it's a better price than your plan offers, you can use the coupon to buy the prescription. Simply tell the pharmacist at checkout that you want to buy the drug using an online coupon and not through your plan. They'll know what to do from there. Remember, however, that whatever you spend on drugs outside of your Medicare Part D drug plan does not accumulate toward the annual maximum out-of-pocket drug cap of $2,100 (for the 2026 plan year).

Did you know that the local supermarket chain Publix offers some commonly prescribed drugs, including some antibiotics, at a flat cost of $7.50? Talk to your Publix pharmacy for details.

If online services don't get your prescription down to an affordable price, you may need to look at patient assistance programs from the drug manufacturers. The website needymeds.org is your one-stop shop for patient assistance programs. Simply type the drug name in the search box and you will see the various types of assistance that may be available to get your prescription down to a reasonable amount for you. If the website is not convenient for you, you can call them for assistance over the phone at 800-503-6897. As always, if I can be of assistance with any of this, I'm just a phone call away.