Most seniors spend so much cash on their prescriptions. Those over the age of 65 take about 14 to 18 prescription drugs in a year on average. Sad to say, the cost of these medications has been increasing over the years, placing some significant financial challenges upon the elderly.
The costs of the 20 most prescribed brand-name medications for seniors skyrocketed at about ten times more than the annual inflation rate over a 5-year period. Hence, if the senior in your household is paying a lot for prescription drugs, you need to learn how to reduce the cost and save money.
Below are some ways you can do to help you with that:
Get The Most Out Of Medicare
It is vital to know that many seniors can qualify in any of these Medicare savings programs:
- SLMB: Specified Low-Income Medicare Beneficiary
- QMB: Qualified Medicare Beneficiary
- QDWI: Qualified Disabled and Working Individuals
- QI: Qualifying Individual
The programs mentioned above can help pay for your medical insurance, also known as Medicare Part B. Not only that, but it can also help pay your hospital insurance or Medicare Part A. Lastly, these programs can also pay for coinsurance, copayments, and deductibles.
Switch To Generics
Generics are a lot cheaper than brand-name drugs. On average, it can cost about 85% less. Moreover, generics also have the same active ingredients that are in a brand-name drug. This means that they tend to work the same way.
Before you decide to switch to generics, talking to a healthcare provider first is vital. Although generics tend to have the same performance and quality as a brand-name one, there may be some subtle differences that might affect your elder’s health status.
Try To Look For Less Expensive Brand Name Drugs
It is essential to know that most health conditions can be treated by different kinds of drug types. Some of these can work in similar ways and can even cost less. Ask the healthcare provider if there are other less expensive options for brand-name medications prescribed.
Try Out Samples
Doctors tend to receive so many prescription drugs from different drug manufacturers that they can pass along their patients for free. The one prescribed for your senior might be available.
Consider asking the doctor if they have any free samples. This can be a big help in saving some money. Plus, you won’t have to fill in the prescriptions since you got them for free.
Consider Pill Splitting
You can try out pill-splitting. Most prescription drugs in higher doses can cost less than those in small doses. However, it is vital to know that this is a case-to-case basis. If you think you can save money if you buy your pill in a double dose, ask the elderly’s doctor about it.
Make Use Of Discount Cards and Codes
Several reliable websites like BuzzRx.com can offer you big discounts on different types of medications. This can help you save a lot of money when you pay in cash. Moreover, a lot of pharmacies now accept discount cards and codes.
Prescription drug costs tend to vary. To find out which local pharmacy offers the lowest price, you will need to compare them. You can give the pharmacies in your area a call to find out their prices for certain prescription meds.
Get a Larger Supply
Several patients have been prescribed medications that will last for three months. If this is the case, you can ask the doctor for a 90-day supply instead of a 30-day supply. That way, you won’t have to fill in your prescription quite often.
But why should you get a larger supply? It is essential to know that getting a larger supply can actually save you some cash when buying medications. This is because most pharmacies offer big discounts if you purchase in large quantities.
Mail Order Pharmacy
Mail-order pharmacies tend to provide you with medication for a low price. This is because they have less overhead than the local pharmacies in your area.
Several pharmacies and health plans might even encourage you to take advantage of their mail-order pharmacies. Besides the fact that you can save money on the medications, you can also choose to get a larger supply. Patients usually order their prescription drugs for three months.
Patient Assistance Programs
You can try outpatient assistance programs. These programs can help you get low or no-cost prescription drugs, especially if you can’t afford to buy them. You should also know that many pharmaceutical companies offer this kind of program. Hence, it will help if you check them out.
To Wrap It Up
In the US, prescription drug costs are remarkably high. Since these are considered a necessity, our seniors won’t have any choice but to purchase their medications. Because of that, it would be best to consider the methods stated above to help seniors save money on their medications and make them more affordable.