5 Ways Seniors Can Save Money on Medication
- December 14, 2023
With rising healthcare costs, it makes sense for seniors to find ways to save money on medication. People living on Medicare have a fixed income and typically have various health concerns. This means that it can be costly to buy prescription drugs. However, there are ways to reduce the cost of healthcare and find cheaper prescriptions.
According to figures, seniors in the US take between 14 and 16 prescription drugs a year. However, prescription prices continue to rise. For example, it was reported that medication costs rise faster than the rate of inflation. In some cases, the cost of brand-name drugs has increased 130 times faster than the rate of inflation.
How can a person over 65 save money on medication without risking their health? This article has helpful tips on where to find cheaper prescriptions.
1. Ask about generic drugs
One of the easiest ways to save money on medication is to switch to a suitable low-cost generic drug. Your doctor can let you know about FDA-approved alternatives to brand-name prescriptions. In many cases, generic medicines can be 30 to 80 percent lower than brand names. These drugs are typically for treating common issues facing seniors—diabetes, high cholesterol, high blood pressure, and more.
2. Find a reliable mail-order pharmacy
Many pharmacies have discount plans if you order prescriptions online. Of course, it’s vital to ensure that the pharmacy is legitimate and approved by the FDA. It may be possible to save money by ordering a three-month supply.
3. Look for a better Medicare plan
You could help a loved older person reduce prescription costs by finding a different Medicare drug plan. Some plans offer discounts on prescription medication and could help reduce out-of-pocket costs. You can also contact their current insurer to ask if there are any ways to save money on monthly prescriptions.
4. Research state programs
Many states have programs to help low-income individuals receive free or reduced prescriptions. So, it is worth contacting your local Social Security office or Medicare to see what assistance is available locally.
5. Get assistance from the drug manufacturer
Most pharmaceutical companies run a Patient Assistance Program (PAP). These programs help struggling folk to cover the cost of medication. It may be possible to get free or reduced-cost drugs. PAPs are available for people with or without insurance.