Lower Prescription Drug Costs - 2023

Rising drug costs and high inflation are hitting many people hard this year, leaving folks wondering where to find relief. If you or someone you’re caring for is looking for ways to lower prescription costs, this article is for you. Some of these discounts can be combined and some cannot – options may also vary at different pharmacies. It pays to be thorough when looking to lower the costs on your particular prescriptions.

Medicare Prescription Drug Plans

If you’re eligible for Medicare, comparing costs between plans for your specific prescriptions is critical. Copays may vary widely between plans for your particular medicine. You may find that a discount card or pharmacy discount card offers lower copays for a particular drug than your insurance, but it’s still important to buy a Medicare prescription drug insurance plan.

Medicare recipients are strongly advised to buy a Medicare Part D plan (aka Medicare Prescription Drug Plan] in order to avoid lifetime Late Enrollment Penalties (LEP). For every month a person has been eligible for a Medicare prescription drug plan, a small penalty is assessed. The penalty is added to the premium cost whenever a Medicare prescription drug plan IS purchased and must be paid as long as the plan is in place even if the premium cost for the plan is $0. (The only exception is for people receiving assistance through the Extra Help program or certain state assistance programs.)

Tips on buying Medicare prescription drug plans:

• Before choosing a plan, make a list of all your prescriptions and how often they need filling. Use your prescription list to compare prices of different plans at different insurance companies. You can also use the Medicare.gov site. TIP: Copays vary from plan to plan even with the same insurer so compare carefully.
• If your copays go up or your prescription is dropped from your prescription drug plan, it may be time to look for a new one. Medicare prescription drug plans can be changed every year during the Annual Enrollment Period Oct 15th to Dec 7th for plans that start Jan 1st of the next year.
• Medicare Part C plans (also called Advantage Plans) typically but not always include prescription drug plans. If your prescriptions are costly, it might be worth changing Advantage plans. TIP: Be Careful – health care providers are NOT in network for all Part C plans even for the same insurance company. It can be challenging to find a suitable replacement because individual doctors can choose NOT to be on a plan even if their office is a member.
• Even with a prescription drug plan your particular prescription may still be expensive. It may be time to look for a different plan or you may be able to use a discount coupon or get help from federal, state or drug company assistance programs.
• Meanwhile, check out the online discount plans for discount coupons. TIP: Check the coupon dosage carefully – make sure it matches your prescription exactly.

Prescription Discount Cards

No matter your age or insurance status, consider discount cards to lower your prescription costs. Prescription drug discount cards offer discounts on specific drugs at specific dosages. Different discount cards have different strengths. To find the best match for what you need, look for the card that offers the best benefits for YOUR top priorities. While we’ve listed some online sources below to get you started, most pharmacies have their own discount cards, too. Ask around. You may find one that’s just right for your prescriptions.

To get you started, here’s a list of the top online drug discount sources reviewed by VeryWellHealth.com.

Top 5 Winners:

• Best Overall: GoodRx.
• Best for Local Pharmacy: Optum Perks.
• Best for Future Savings: SingleCare.
• Best On-the-Go: ScriptSave WellRx.
• Best for Home Delivery: Blink Health.

Patient Assistance Programs (PAPs)

Some pharmaceutical companies, nonprofits, state programs, and other organizations offer discounted or free medicine to those who qualify. These programs are also known as Patient Assistance Programs (PAPs). Start at your doctor’s office for information on any special offers and information on programs that they can provide. Some offices will help you with the forms, too. You can also check out the excellent list of contacts maintained by the Asthma and Allergy Foundation of America - Drug Assistance Programs.

Next Steps:

Lowering your prescription drug costs can take time and energy, but, if your drug costs are high, it can be well worth the effort. Getting started can be the hardest step. One approach is to pick a single program from the list above and check it out. What have you got to lose besides a little time?

Medicare can be more confusing. If you are wondering about a Medicare plan, book a no-cost, one-on-one appointment below to discuss your unique situation. You’ll be able to get your questions answered, quickly compare several plans at once and enroll in the plan of your choice.