According to a National Center for Health Statistics survey, about 8% of U.S. adults are not taking their medications because they can’t afford them. This means millions of adults aren’t taking their medication due to the high cost.
5 Ways to Cut Medication Costs Safely
Cost might not be affecting your medication plan, but the following ways to save money on medication can help:
1. Questions to ask your prescribing provider
- Do I have to take this medication?
This is particularly a good question when you’ve been taking a pill for some time and not sure if you should continue.
- Is there a way to combine my medications?
A good example of this is for those who are taking blood pressure medications.
- Do I have to take this particular pill?
Often there are generic choices in the same medication class.
- Can I get a larger supply?
Basically, knowing the cost of a 30- vs 90-day supply is always a good idea. In other words, it could save you time and money. This generally works for medications you take long-term.
Remember, asking questions can help you save money on medication, so communicate your concerns.
2. Research online
Find the website for the medication and look to see if there are savings and support available through the drug company.
3. Consider a co-pay card
Co–pay card programs offered by drug manufacturing companies are a direct way to lower out-of-pocket costs for prescription drugs for eligible patients. The cards can patients pay for the medications they, or their doctors, prefer. If you don’t qualify for a co-pay card, then you can look into patient assistance programs.
4. Consider patient assistance programs
Drug companies sponsor these programs by income and they are often hard to find. The best way to find a patient assistance program is by asking your pharmacist.
5. If you’re on Medicare, consider updating your plan
Medicare plans can change from year to year, which often times includes the medication they cover and the co-payments or deductible amounts. Annual Enrollment takes place October 15 – December 7, 2020.
Most important, review the options and shop around for the best plan. Visit Senior Care Plus for information on Medicare Advantage Plans available to you.
Want to ask a pharmacist more questions on how to save on medication? Join us for a Sterling Silver Club virtual event on Saving Money on Medication. To learn more about the Sterling Silver Club, visit our club website.
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