Medicare Drug Savings Suggestions

Switch to Generics whenever possible.

Apply for Medicare’s Extra Help Program, which is specifically to help lower the cost of medications. Income limits are less stringent than for Medicaid. Anyone who has already qualified for Medicaid is already participating in Extra Help. Those who have to pay Part D late enrollment penalties will have those penalties waived if they qualify for Extra Help. To apply, click here then click on the “Find Out If You Qualify” link or the “Apply Online for Extra Help” link.

Get a free GlicRx Prescription Discount Card. Use this drug discount card to save up to 80% off the retail price of your prescriptions. This is  especially helpful for those prescriptions that are NOT on your plan’s formulary. Apply here for the card, ask your pharmacy to keep it on file, and whenever a prescription is lower with the card than it is through your insurance, the discount will be applied automatically. Note: if you don’t run your prescription through Medicare, then your drug purchase will not move you closer to the coverage gap. For that reason, you should use your Part D plan to pay for your drugs when the price is reasonable. Use the discount card when the discount is substantial. This discount CAN be used by people who are NOT on Medicare and also for those who have no insurance. Feel free to share the link with anyone who is paying too much for prescriptions.

Apply for your State Pharmaceutical Assistance Program, available in most states to help consumers offset the cost of expense drugs.

Apply for a Manufacturer Discount if you are taking a very expensive brand name drug. Apply directly with the manufacturer to see if you will qualify for their discount program.

Evaluate your drug plan each year during the Medicare Annual Election Period between October 15 and December 7. Drug formularies change, your health and prescriptions will change over time, and new plans might enter your market. Information on plans for the next calendar year becomes available on October 1.

Enter your prescriptions into a comparison tool to evaluate options in your area. Watch the video below for instructions on how to use this tool for best accuracy. (If you enter wrong information, you could get the wrong prices.)

Watch this video for tips on how to use the software to most accurately forecast your prescription drug costs.
Click for Prescription Software

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I’m Laraine Sookhoo and I’m passionate about helping you understand your Medicare options so you can get the most out of your Medicare benefits. My help is free, so book an appointment to get started!

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