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Tips for Paying for Medications

Posted Feb 24th, 2012 by Patient Assistance Team

Today’s health care industry is anything but simple especially if you are a recipient of Medicare Part D plan. Whether you are a consumer, provider or insurance company, there has been a parallel increase in the complexity of health care and with the rise in drug costs. As more and more Americans turn to some form of prescription drug to manage their health, finding ways to cover the costs of medication become increasingly important.

When it comes to Medicare Part D costs, keep in mind that most premiums will run you $20 to $60. With this knowledge, follow these tips to keep your medication costs low.

  1. Choose generic when possible. Generic meds are just as effective as their brand name counterparts, but they cost markedly less.
  2. Get a copy of your plan’s formulary and select medications that are within your plan’s formulary. If they are not, talk to your medical provider to see if there an equivalent that will cover your health needs and your plan’s needs.
  3. Take advantage of discount medication cards. These are hassle-free and free cards that offer a host of discounts on medications.
  4. Look for pharmacies that offer discounts, especially on generic medications.
  5. Review your Part D pharmacy Explanation of Benefits (EOB) for your Medicare Part D plan. You will get this in the mail, each month you use your drug plan. The EOB can help you understand the total drug costs for each medication and its coverage period.