Timothy Rush, president of the nonprofit West Health, said: “High drug costs affect everyone, but the needs of older people and the fact that Medicare doesn’t cover all drug costs. It is disproportionately impacting older people, both because they are not She focuses on aging care and health care.
Here’s what you can do now:
Evaluate Medication Needs
More than half of adults over the age of 65 say they take them. at least 4 prescription drugs, according to the KFF. But some aren’t necessary, says Dana Simpler, an internist at Mercy Medical Center in Baltimore. “Sometimes patients are given a prescription drug that is meant to be used only for a short period of time … and it continues to be refilled automatically,” she says.
Simpler recommends having all your medications checked annually by your doctor’s office or pharmacist to ensure you’re taking the correct medication for your medical problem. Annual medication checks are almost always covered by Medicare.
Also, if certain medications are too expensive, talk to your doctor. According to Caitlin Donovan, her director of public relations senior at the National Patient Advocate Foundation, you can ask your insurance company for a copy of your prescription book (a list of all medicines covered by your insurance company) so you can discuss it with your doctor. . This will help you and your doctor determine if there are more cost-effective options.
Check your dosing range carefully during open enrollment, Donovan said. You can check that your plan includes:
- Your current regular medications on that formulary.
- Your current pharmacy within that network. This may mean less out-of-pocket costs or coinsurance.
- Additional Medication Compensation in Compensation Gap. Such plans may charge higher premiums. But if the prescription cost is high, it may be worth it.
It seems counterintuitive not to use insurance for prescriptions, but in some cases, “it might ultimately help you save money in the long run,” says Donovan. For example, GoodRx offers coupons that save up to 80% off list prices on generics and some branded drugs at select pharmacies. It’s free, but the GoodRx Gold program ($9.99/month for individuals, $19.99/month for families) is more extensive, giving you access to over 1,000 medications for less than $10 per prescription.
Many chain pharmacies and large stores such as Costco and Walmart have their own prescription drug savings programs. For example, joining the Walgreens Prescription Savings Club gives you access to hundreds of generic medicines at prices below your insurance co-pay.
Look up online pharmacies
Save money by having your regular medications mailed to you From a mail-order pharmacyCheck with your health insurance company or regular pharmacy to see if you can get a better deal.
Also check out new online pharmacies such as Mark Cuban Cost Plus Drug Companysells over 700 generic prescription drugs at below retail prices. Websites offering similar services include Amazon (search for “pharmacy”), Genius Rx and bee health.
These can be less expensive than insurance in some cases. For example, CostPlus offers a 30-day supply of the cancer drug Imatinib (Gleevec) for $39, but the list price is $9,657.30. (Your insurance company may cover some or all of it, but you may need to use up a large deductible first.)
But when it comes to online pharmacies, it can be a western, says Gabriel Levitt, president and co-founder of PharmacyChecker, which helps people find the lowest prices on prescription drugs. Some people don’t have the less common medications, and it can take days to get what they need. surely Its online pharmacy:
- A valid prescription from a licensed healthcare professional is required.
- Licensed by your state pharmacy board (to verify, visit FDA.gov and search for “find a state-licensed online pharmacy”).
- A US licensed pharmacist is available if needed.
- It holds the National Association of Boards of Pharmacy Verified Internet Pharmacy Practice Sites (VIPPS) seal.
Get more help if you need it
Some pharmaceutical companies offer patient assistance programs based on income and health needs, said Chad Worts, chief executive of the American Association of Consultant Pharmacists. For discount cards and free or discounted medicines, you can apply directly to the manufacturer (check their website). Other resources include:
- Medicare Extra Help Program. For more information on this program, Secure.ssa.gov/i1020/startprovides information about the application process for the Social Security Assistance Program and Medicare Part D grants.
- State Drug Assistance Program. To see what’s available locally, visit: Medicare.gov Search for “SPAP”.
- Medical support tool. This tool is located here: Medicineassistancetool.orgconnecting people to patient assistance programs.
The Inflation Reduction Act included several cost-cutting measures. Expected contents and timing are as follows.
- For Medicare Part D participants, your insulin copay is limited to $35 per month, and Medicare Part D covered adult vaccines are free.
- Out-of-pocket medical costs for patients covered by a Medicare prescription are limited. In 2025, the cap will be $2,000 per year for each of her.
- For the first time, Medicare was allowed to negotiate prices with pharmaceutical companies. Initial negotiations will begin this year, and by 2026 he will have negotiable prices for 10 drugs.
Should I buy medicine from Canada?
Canada is known for cheap prescription drugs. Many branded drugs are 28-46% cheaper. “Americans have been buying drugs from Canada for as long as there has been a price discrepancy,” Levitt says. Although this practice is technically illegal in most circumstances, the FDA generally does not stop people from obtaining medicines from Canada. If you choose this, make sure that:
- The pharmacy website has a Canadian address and is licensed in Canada ( NAPRA.org Search for “online pharmacy”) and a Canadian licensed pharmacist can answer your questions. Some online pharmacies claim to be in Canada, but they are actually in another location.
- This pharmacy is part of the Pharmacy Verified Websites Program (check here). safe pharmacy), helping consumers find safe pharmacies.
Copyright 2022, Consumer Reports Inc.
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