Senior Advisors
  • Home
  • FREE Quotes
  • About YOU
    • Turning 65, Ready to enroll?
    • Working Past Age 65?
    • Already on Medicare, Looking to Save Money?
    • Currently on a Retiree Plan?
  • About Us
  • Products
    • Medicare Supplements & Medicare Advantage >
      • Medicare Supplement - Plan F >
        • Plan F (2022)
        • Plan F (2023)
      • Medicare Supplement - Plan G >
        • Plan G (2022)
        • Plan G (2023)
      • Medicare Supplement - Plan N >
        • Plan N (2022)
        • Plan N (2023)
    • Medicare Part D - Prescription
    • Medicare & Dental
    • International Travel
    • Long-Term Care Insurance
    • Cancer and Heart Attack or Stroke Insurance
    • Medigap Plans
  • Workshops
    • Register for Workshop
    • Watch Workshop Now
  • Carrier Partners
  • Medicare Blog
  • Testimonials
  • Contact Us
  • Become an Agent
  • Areas We Serve
    • Basking Ridge, NJ
    • Livingston NJ
    • Medford, NJ
    • Mountainside, NJ
    • Mount Laurel, NJ
    • Philadelphia, PA
    • Phoenix, AZ
    • Scotch Plains, NJ
    • Scottsdale, AZ
    • Short Hills, NJ
    • Summit, NJ
    • Westfield, NJ
    • Princeton, NJ
    • Washington Township
    • Monroe Township, NJ
  • Medicare FAQs
  • Coffee with Justin
  • Medicare Minute

7 Tips to Save on RX Costs

5/16/2017

7 Comments

 
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. 
Picture
How to avoid or delay the donut hole!
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.
  • Januvia (~$385/month retail cost)
  • Humalog (~$500/month retail cost)
  • Lantus (~$375/month retail cost) 

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! 

  1. “Load up” on your Medications before going on Medicare – Group Health Plans and individual pre-65 insurance plans don’t have a “Donut Hole” like Part D of Medicare.  In most cases, the individual just pays a co-pay for their medications.  If you are approaching your Medicare start date, in most cases, I recommend you ‘load up’ on your medications using your existing coverage before joining Medicare so you delay or eliminate the Part D donut hole impact. Depending on the medication and the plan you have, you could “load up” on 3 months or even 6 months of the medication on your current plan before joining Medicare.
  2. Use Generics, when possible – I am Not a Doctor, therefore I obviously cannot prescribe your medication.  However, I know Part D of Medicare becomes much more expensive when you take Brand Name drugs rather than Generics, if Generics are available.  So talk to your doctor… if there is a lower cost generic drug that will be just as effective, it will save you lots of money on your Medicare Part D costs.  There also could be lower cost brand name drugs, if a generic is not available… talk to your doctor. 
  3. Review your Part D Analysis each year – You have one opportunity every year (Oct 15 – Dec 7) to review and change your Part D plan.  I highly recommend that you take advantage of this opportunity.  Part D of Medicare changes every year, Part D Prescription Drug Plans change every year, and your RX list could change every year.  We provide all of our clients with a free review of the Part D plan each year and ~ 25% of the time the best Part D plan for the following year is not the same plan the individual has in the current year. 
  4. Use the Preferred Pharmacy or Mail Order – Depending on your Part D Plan and your specific list of medications, you could save several hundred dollars per year or even over a thousand dollars per year, using the best method to fulfill your medications.  For example, there are a couple of low-priced Part D Plans (Humana Walmart and AARP Walgreens), which have preferred Pharmacies.  Both of these plans (and the other 20+ Part D Plans) may have lower prices if you use mail order, but it really depends on the specific drugs and Part D Plan you select.  In some cases, Mail Order actually ends up costing a lot more than just going to the pharmacy. These are just a few examples. Each Part D Plan generally has different pricing at different pharmacies or mail order.  This is why we recommend that you take advantage of the tools on Medicare.gov to complete the Part D analysis based on your specific list of drugs.
  5. Check if you qualify for a state assistance program – there are some great state assistance programs that could save you thousands of dollars per year.  For example, in NJ the state-assistance program is called PAAD (Prescription Assistance for the Aged and Disabled).  If you qualify, the state pays your Part D Premiums and your copays are only $5 for generics and $7 for brand name drugs. A PAAD beneficiary must have annual income for 2022 of less than $38,769 if single or less than $45,270 if married.  The nice thing about qualifying is they don’t check Assets… it’s purely based on income!  Find our more about PAAD here.  If you are not in NJ, you can do a simple Google search for "Medicare RX Assistance insert Your state here" and you should get some great information about signing up for a State Assistance program.
  6. Check if the medication is covered by Part B of Medicare – some VERY expensive medications are covered by Part B of Medicare.  If you have a decent Medicare Supplement (e.g. Plan F, G, N, H, I, J), this is great news since Medicare Part B will pay 80% and the supplement will pick-up the 20% of the drug cost not covered by Medicare.   If you are taking any injectable / infusion treatments administered by the doctor, you should definitely inquire to see if they are covered by Part B of Medicare.  Also, there are some expensive chemotherapy pills that can be covered by Part B as well.  Check with your doctor.   Another good savings example with Part B drugs is if you are diabetic and the doctor indicates an insulin pump is medically necessary, both the supplies and the insulin in the pump should be covered by Part B.  This could save someone thousands of dollars per year on their insulin/supplies costs!
  7. Inquire about Pharmaceutical assistance – Medicare.gov has a great tool where you can search for assistance directly from the Pharmaceutical company based on a specific drug name.  The tool provides the eligibility criteria, how to apply, how the benefits work, etc.  If you are taking an expensive medication, this is another great tool to try and save some money 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).
7 Comments
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 !

Reply
Justin Lubenow link
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!

Reply
Faye Lafleur
10/19/2018 11:46:13 am

Thank you so much for this information!!!

Reply
Mia Evans link
10/24/2022 06:11:29 am

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.

Reply
small business health insurance link
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.

Reply
health insurance for small business owners link
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.

Reply
Millie Hue link
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.

Reply



Leave a Reply.

    Justin Lubenow

    See bio here

    CLICK HERE TO SEND US A TEXT!

    Archives

    January 2023
    November 2022
    September 2022
    August 2022
    June 2022
    April 2022
    March 2022
    January 2022
    November 2021
    September 2021
    July 2021
    April 2021
    March 2021
    February 2021
    January 2021
    November 2020
    October 2020
    September 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    May 2019
    April 2019
    February 2019
    January 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015

    Categories

    All

    RSS Feed

Our Services
Company

Products & Services
Carrier Partners
About
Testimonials
Contact Us
Moorestown Office |  214 W. Main Street, Suite 101, Moorestown, NJ 08057 | Tel:856-866-8900
 Servicing Moorestown, Cherry Hill, Mount Laurel, Haddonfield, Voorhees, Medford, Marlton,  Philadelphia, surrounding towns, and licensed in 30+ other states as well.
 
Cranford Office        |  15 Alden Street, Suite 8, Cranford, NJ 07016                  | Tel: 908-272-1970 
 Servicing Cranford, Westfield, Summit, Scotch Plains, Mountainside, Berkeley Heights, New      Providence, Basking Ridge, surrounding towns, and licensed in 30+ other states as well.
​
Phoenix Office  | P.O. Box 
71283. Phoenix, AZ 85050.                                         | Tel:  602- 996-1549
Servicing Phoenix, Scottsdale, Peoria, Sun City, Sun City West, Paradise Valley, Fountain Hills, Cave Creek, surrounding towns and licensed in 30+ other states as well.

Email:  info@senior-advisors.com                                     (Se Habla Español -Tel: 908.481.5678)   

Not connected with or endorsed by the United States government or the federal Medicare program.
​
​
Copyright © 2022 Senior Advisors, LLC       |     Licensing & Legal     |     Privacy Policy

  • Home
  • FREE Quotes
  • About YOU
    • Turning 65, Ready to enroll?
    • Working Past Age 65?
    • Already on Medicare, Looking to Save Money?
    • Currently on a Retiree Plan?
  • About Us
  • Products
    • Medicare Supplements & Medicare Advantage >
      • Medicare Supplement - Plan F >
        • Plan F (2022)
        • Plan F (2023)
      • Medicare Supplement - Plan G >
        • Plan G (2022)
        • Plan G (2023)
      • Medicare Supplement - Plan N >
        • Plan N (2022)
        • Plan N (2023)
    • Medicare Part D - Prescription
    • Medicare & Dental
    • International Travel
    • Long-Term Care Insurance
    • Cancer and Heart Attack or Stroke Insurance
    • Medigap Plans
  • Workshops
    • Register for Workshop
    • Watch Workshop Now
  • Carrier Partners
  • Medicare Blog
  • Testimonials
  • Contact Us
  • Become an Agent
  • Areas We Serve
    • Basking Ridge, NJ
    • Livingston NJ
    • Medford, NJ
    • Mountainside, NJ
    • Mount Laurel, NJ
    • Philadelphia, PA
    • Phoenix, AZ
    • Scotch Plains, NJ
    • Scottsdale, AZ
    • Short Hills, NJ
    • Summit, NJ
    • Westfield, NJ
    • Princeton, NJ
    • Washington Township
    • Monroe Township, NJ
  • Medicare FAQs
  • Coffee with Justin
  • Medicare Minute