Medical Insurance

Managing Costs. Ways for the Medicare Part D Member to Save on Prescription Coverage


The Medicare Part D plan was designed to help America's Medicare eligible population to save on their prescription drug coverage but the savings does not have to end there. By being an informed consumer there are additional ways to help curve increasing prescription drug costs for not only the Medicare Part D consumer, but for all prescription drug consumers.

Remember that all pharmacies are businesses. Just as price differences exist in products from one grocery store to another, price differences exist in prescription drug costs from one pharmacy to another. Don't be afraid to do cost research on the drugs you are taking with all the local pharmacies. If you are on a Part D plan with a coverage gap choosing a pharmacy with a lower cost for the prescription drugs you are taking could mean more time before you hit the coverage gap or if you are on a plan where you pay a percentage of the cost this could mean less out of pocket costs for you per prescription.

Seek out alternative medications. Become familiar with your plans formulary listing and discuss alternatives with your healthcare providers. Moving from a name brand drug to a generic, if available, could result in significant cost savings to the member. Even moving from one brand name drug to another could result savings depending on the leveling in your formulary. Most providers understand that cost is an important factor for most people when choosing medications and will be happy to work with you and discuss alternatives.

Don't be afraid to ask the staff of your medical office or pharmacy if they are aware of any other ways you can save on a given drug. Sometimes there are programs made available from the pharmaceutical companies such as discount cards that could help offset your costs. If available, your provider may also be able to provide you with a limited number of samples of your medications that could help curve your costs.

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