Seniors spend a lot on prescription drugs
On average, people over age 65 take 14 – 18 prescription medications a year.
Unfortunately, the cost of prescription drugs have been increasing steadily over the years, putting significant financial pressure on seniors.
In fact, the prices of the 20 most commonly prescribed brand-name drugs for seniors rose nearly 10 times more than the annual rate of inflation over five years.
If your older adult is paying a lot for medication, checking to see if there are ways to reduce the cost of prescription drugs could mean thousands of dollars in savings.
To help make their medicine more affordable, we rounded up 7 tips that help seniors save money on prescription drugs.
7 ways for seniors to lower the cost of prescription drugs
1. Switch to generics
On average, generic drugs cost about 85% less than brand name drugs.
Ask your older adult’s doctor if there are generic drugs that could safely replace their brand medications.
The FDA requires generic drugs to have the same quality and performance as brand name drugs, but there may still be subtle differences that could affect your older adult’s health.
That’s why it’s important to speak with the doctor before making any changes.
2. Find less expensive brand name drugs
Most health conditions can be treated by a variety of different drugs. Some of those drugs may work in similar ways, but can cost much less.
Ask your older adult’s doctor if there are less expensive brand name medications that could treat their condition just as well as the current medication.
3. Switch to a mail-order pharmacy
Many health plans and pharmacy companies encourage you to use their mail-order pharmacy.
You’ll save money on most drugs and get a 3-month supply. That means fewer trips to the pharmacy – a time-saver too!
4. Find a better Medicare drug plan
If your older adult is paying high prescription medication costs, a different Medicare drug plan could lower those costs.
Use the experts at Senior Healthcare Team to compare different plans free professional advice.
5. Get help from state programs
Some states have programs that provide extra help paying for prescription medications.
It’s worth the time to investigate if your older adult’s drug costs are high relative to their income – they may qualify.
6. Get help from the drug manufacturer
Some drug companies offer programs that help people pay for their medications. However, the benefit of drug manufacturer coupons are changing now that insurance companies have put copay accumulators in place.
Examine your older adult’s specific prescription drug plan to see how using these types of coupons will affect their deductible and out-of-pocket costs.
7. Apply for the Extra Help program
For lower income seniors, Social Security has a program called Extra Help With Medicare Prescription Drug Costs.
It helps pay for costs related to a Medicare prescription drug plan.
Another proven way to reduce our overall medication cost is to exercise more! Taking less medicine because our bodies are healthier also equates to spending less. Check out these easy exercises many seniors are doing at home by clicking here.
By David Lasman – “Ask Medicare Dave” | President – Senior Healthcare Team
wwww.SeniorHealthcareTeam.com | 866-333-7340
Selecting the right healthcare plan through Medicare can be overwhelming and downright stressful. Senior Healthcare Team is a nationwide resource that provides guidance and support about Medicare to seniors at no cost to them and helps them to choose the most suitable insurance plan tailored to their specific needs and budget. Our goal is to educate and empower our clients to make the best decisions regarding their healthcare and clear up the confusion of Medicare. At Senior Healthcare Team, we aren’t partial to any one insurance company. Our loyalty is to our clients and our mission is to provide them with the best healthcare options at the very lowest cost.
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