How more Americans are taking control of their prescription costs
Prescription costs can be a major burden on your budget. Fortunately, there are ways to save on them, such as opting for generic drugs or using a pill splitter.
If you’ve reached a certain age, you know that these savings can be significant. According to the AARP, 82% of adults 50 or older describe their current prescription costs as “too expensive.” This is particularly true for those with chronic conditions.
Why Are Prescription Costs Going Up?
The biggest issue with prescription costs is that they keep going up. Some of the more common reasons why this is happening include:
- Steep launch prices for specialty drugs
- Lack of competition for brand-name drugs due to exclusivity
- Pharmacy Benefit Managers (PBMs) negotiating higher prices
- Increased demand for daily medications
How Can I Save on Prescription Costs?
Since not taking your medications isn’t an option, your best bet is to find ways to manage medication costs. These five strategies will get you started.
1. Review Your Plan’s Formulary
The simplest way to reduce prescription expenses is to only use medications covered by your health plan. That’s because Medicare will negotiate lower prices for any drugs on its list, and those savings will transfer to you.
You can review your plan’s formulary to identify covered medications and avoid surprise costs. Bring a copy of the formulary to your wellness visits as well.
2. Consider Pill Splitting
Do some of your pills come in a double dose that can be safely split? This can be a great “two for the price of one” deal, but consult your doctor first. Medications that fit this bill usually have a “scored” line down the center, including:
- Antidepressants
- Cholesterol-lowering statins
- High blood pressure medications
3. Go for Generic Drugs
Opting for affordable drug alternatives instead of brand-name drugs can save you thousands of dollars every year. Generic drugs have the same active ingredients, and their manufacturers have to prove they work the same way.
For the biggest savings, ask your doctor for Tier 1 preferred generics. These are the most commonly used medications that usually require the lowest copays.
4. Look Into Other Programs
Beyond budget-friendly prescriptions, you can look into different programs. State governments and pharmaceutical companies often try to assist people with limited assets. Some programs you may qualify for include:
- Medicare’s Part D Low-Income Subsidy (Extra Help)
- Patient Assistance Programs (PAPs)
- State Pharmaceutical Assistance Programs (SPAPs)
5. Find a Better Deal
Sometimes, getting a medication discount is as simple as finding a good deal. One good way to save on healthcare is to get your drugs in Canada. They sell many of the same brand-name drugs you’ll find in the U.S. at a lower price.
Ideally, you’d find a pharmacy that accepts U.S. prescriptions. For instance, you can order international prescription medications here with any valid prescription.
Don’t Let Prescription Costs Surprise You!
High prescription costs can cause many older adults to skimp on their doses or even abandon needed drugs. Use our guide to lower your prescription costs and avoid unnecessary trips to the hospital.
At 92 Q, we have plenty of other tips on managing your medications. Keep reading our content to maintain a healthy lifestyle!
