By Carolyn Spence Cagle PhD, RNC-E
As we enter 2023, continued focus on ways to save money on health care, including prescription drugs, seems a priority. To save money, the recent federal Inflation Reduction Act offers some perks for Medicare recipients beginning this year: capping the cost of insulin to $35.00/month, covering all vaccines without a co-pay, and mandating that Medicare drug price increases not exceed the rate of inflation. Starting in September 2023, negotiation between the federal government and drug companies to price 10 expensive drugs covered by Medicare will happen and require Medicare part B and D to cover those medications. Additionally, beginning in 2024, Medicare premium increases will be limited to 6% annually, and, in 2025, out-of-pocket spending for Medicare D drugs will have a cap of $2,000.00. These features offer current and future help to respond to retiree healthcare costs.
What other strategies can minimize drug costs for Medicare recipients without compromising your safety? Here are some ideas:
- Ask your doctor or pharmacist for help to find less costly drugs: Your doctor can write a 90-day drug script to lower a drug co-pay, order a less costly generic drug (no-trade name), or provide drug samples from a pharmaceutical representative. A pharmacist may have drug manufacturer coupons or medication discount cards, know of other discounts (GoodRx, e. g.) or work with your doctor to find a similar cheaper drug than the one the doctor ordered.
- Use online medication options for generic drugs you regularly expect to take in the foreseeable future: There are numerous online drug sites to save drug monies: RXAssist.org, Needymeds.org, WellRX, Costco.com, CostPlus.com, Amazon.com, and HealthWarehouse.com to name a few. Savings may be significant but become less evident with shipping costs and possible need to have a company membership to save money. Walk-in Costco pharmacies will fill prescription without a membership and accept drug insurance however. Normally one cannot use insurance to get the savings at the online drug websites.
- Check to identify whether any prescription paid for out-of-pocket may satisfy your insurance plan drug deductible as some policies do.
- Work with your doctor to find a low-cost drug on the lowest tier of your Medicare Advantage or Medicare D plan. Know your drug coverage to actively participate in that decision.
- Use discount programs at Walgreens or Walmart often without using your drug insurance to save money: Kroger and H-E-B grocers have similar programs in many cities.
- Contact a pharmaceutical assistance program for a pricey drug: You most likely have seen television advertising for these programs.
- Stick with your local pharmacist who knows your medication and OTC history if you have a complicated health regimen or take multiple medications: Pharmacist knowledge of your history may prevent drug interactions affecting your health.
Best wishes in navigating these ideas for medication savings and health in 2023!
References Cited
How to pay less for your prescriptions. Retrieved from https://www.tiaa.org/public/invest/services/wealth-management/perspectives/pay-less-forprescriptions.
Gill, L.L. (2022, May). Save big on Rx drugs. Consumer Reports, 87(5), 22-29.