top of page

7 Ways for Seniors to Reduce the Cost of Prescription Drugs

7 tips to help seniors save money on prescription drug costs

Seniors spend a lot on prescription drugs

More than half of adults age 65 and older report taking four or more prescription drugs.

This often puts significant financial pressure on seniors because the cost of prescription drugs have been increasing steadily over the years,

In fact, in 2020, prices increased faster than inflation for half of all drugs covered by Medicare.

If your older adult is paying a lot for medication, checking to see if there are ways to reduce the cost of prescription drugs could mean thousands of dollars in savings.

To help make their medicine more affordable, we rounded up 7 tips that help seniors save money on prescription drugs.

Advertisement

7 ways for seniors to lower the cost of prescription drugs

1. Switch to generics

On average, generic drugs cost about 85% less than brand name drugs.

Ask your older adult’s doctor if there are generic drugs that could safely replace their brand medications.

The FDA requires generic drugs to have the same quality and performance as brand name drugs, but there may still be subtle differences that could affect your older adult’s health.

That’s why it’s important to speak with the doctor before making any changes.

2. Find less expensive brand name drugs

Most health conditions can be treated by a variety of different drugs.

Some of those drugs may work in similar ways, but can cost much less.

Ask your older adult’s doctor if there are less expensive brand name medications that could treat their condition just as well as the current medication.

3. Switch to a mail-order pharmacy

Many health plans and pharmacy companies encourage you to use their mail-order pharmacy.

You’ll save money on most drugs and get a 3 month supply.

That means fewer trips to the pharmacy – a time-saver too!

Advertisement

4. Find a better Medicare drug plan

If your older adult is paying high prescription medication costs, a different Medicare drug plan could lower those costs.

Use the Medicare Plan Finder to compare different plans or talk with a free expert counselor at your local State Health Insurance and Assistance Programs (SHIP) office.

5. Get help from state programs

Some states have programs that provide extra help paying for prescription medications. 

It’s worth the time to investigate if your older adult’s drug costs are high relative to their income – they may qualify.

6. Get help from the drug manufacturer

Some drug companies offer programs that help people pay for their medications.

Use this simple tool to look up your senior’s drugs to see if there are any assistance programs.

However, the benefit of drug manufacturer coupons are changing now that insurance companies have put copay accumulators in place.

Examine your older adult’s specific prescription drug plan to see how using these type of coupons will affect their deductible and out-of-pocket costs.

7. Apply for the Extra Help program

For lower income seniors, Social Security has a program called Extra Help With Medicare Prescription Drug Costs.

It helps pay for costs related to a Medicare prescription drug plan. Find out if your older adult qualifies and how to apply.

Recommended for you:

By DailyCaring Editorial Team

This article wasn’t sponsored and doesn’t contain affiliate links. For more information, see How We Make Money.

 

0 views0 comments

Comentarios


bottom of page