Saving money on Part D costs isn’t something that ends with choosing what you believe to be the right plan.
To limit your out-of-pocket costs you need to apply a consistent strategy all year long.
There several things you can do short of skipping doses or cutting pills in half to keep more of your money in your pocket.
The first thing that you must do is review all aspects of your Part D plan so you know how it works and what benefits are available to you.
The next thing you need to do is recognize that in addition to maintaining a healthy lifestyle you need to be prepared to communicate directly with your doctor.
Your doctor is not the boss… you are. You have the right to ask questions about medications being prescribed and take an active role in what drugs are being recommended.
The following are 5 tips you can apply to save money on your Medicare drug costs.
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5 money saving tips
1. If you have a Part D plan that offers lower co-payments or coinsurance amounts when using a preferred in-network pharmacy… use that pharmacy. Several plans have teamed up with retail pharmacies to offer a co-branded Part D plan.
If you fill several prescriptions the lower out-of-pocket costs can add up to a significant savings.
2. Most all plans include a mail order benefit that will allow you to order a 90 day supply and save money. Some plans offer tier 1 drugs with a $0 copay and most will deliver a 90 day supply for what a 60 day supply would cost you at a retail pharmacy.
The mail order option is certainly something you should utilize for any maintenance medications you are required to take. Plus you can save money on gas spent to drive to the pharmacy.
*** The first 2 tips were about understanding you plan. The following 3 tips concern communicating with your doctor ***
3. If your doctor is prescribing a new drug, ask if you can get a sample first. Their are many times when a particular drug doesn’t agree with you. There’s no reason to pay for a 30 day supply if the drug causes an adverse reaction.
4. At your next doctor’s visit, ask your doctor to review your drugs to determine if a substitute in a lower tier would accomplish the same thing. Changing from a tier 3 to a tier 2 for example, could mean a huge savings though out the year.
5. Always try a generic first. Very few people can tell the difference between a brand-name and a generic drug. Generic drugs are almost always classified as a tier 1 or 2 drug.
For many people who own a Medicare supplement or are enrolled in a Medicare Advantage plan, Medicare drug costs are one of the largest ongoing expenses.
Putting these tips into practice will not only save you money on a monthly basis, but may mean the difference between maintaining consistent coverage or falling into the donut hole.