7 Tips to Save on RX Costs
Prior to joining Medicare most people don’t realize the very high costs of prescriptions.
Most pre-65 and Group Insurance plans (other than High-Deductible HSA type plans) have simple copays for drugs … e.g. $10/$40/$60… or $7 generics 50% brand name up to $125 max.
After joining Medicare, this all changes since the Initial Coverage level with Part D is capped ($3,700 retail cost in 2017).
For example, if you happen to be a diabetic taking the following common medications, you would hit the donut hole in month 3 or 4.
Prior to the donut hole you may have a reasonable copay e.g. $30-$50 for each of these three medications, but then when you reach the donut hole and have to pay 40% the cost of these medications (until you reach catastrophic coverage). After 12 months on Part D, you are likely to spend $2,000-$3,000+ just on these three drugs!
This is just one example of many high cost RX examples we see for people on Medicare.
Below is a list of 7 tricks to help save on your RX costs.
Each of these tricks could save you hundreds or even thousands of dollars per year on your RX costs!
Bottom line, you should work with an expert to make sure you are optimizing your RX dollars each year.
Call now 908-272-1970 if you need help signing up for Part D, or you can fill out our FREE RX Analysis Form each year during the Annual Enrollment Period (Oct 15 – Dec 7).
Mr. and Mrs. Peter Bacskay
5/16/2017 10:39:52 am
Great e mail. Many thanks. Look forward to any info. When a need arises, we will be calling you. Thanks again. Have a great day !
5/16/2017 11:20:11 am
Thanks for the kind note! I look forward to hearing from you when you are ready to sign-up for Medicare!
10/19/2018 11:46:13 am
Thank you so much for this information!!!
It really helped when you said that generic medications would be helpful to save lots of money, but it is better to ask your doctor first if they would recommend it. I will keep that in mind now that I am getting older, and I actually plan to get vitamins as well for my protection. If this is a good idea according to professionals, I will look for a drive-thru pharmacy I can go to so that I can easily order what I need as soon as possible.
11/15/2022 04:26:47 am
No doubt, the post is incredible and also. Every time I read your blog I was just stuck with the content of the post. How easily you describe every aspect of the topic of the post.
12/9/2022 05:01:05 am
Excellent write-up, I have always enjoyed your articles, you’re such a wonderful writer, always on point. This article is loaded to the hilt.
12/22/2022 08:18:30 am
It really helped when you said that we could ask our doctor for any generic alternative for our medications. I would love to learn more about that before I go to a pharmacy so that I can stick to my budget. I just need to have supplements to help me with my bone health, because I have been lacking from any calcium intake since I am not able to drink milk.
4/20/2023 03:59:06 pm
You made a good point when you mentioned that it is a good idea to work with an expert when trying to optimize your prescription dollars each year. I would imagine that it would be a good idea to find a pharmacy that has a knowledgeable pharmacist you can work with. I would think that a knowledgeable pharmacist would do their best to help you get affordable prescriptions.
Leave a Reply.
See bio here