Prescription drug costs: Tips to save seniors money

Dear Savvy Senior: I take medications for multiple health conditions and the prices keep going up, even with my Medicare prescription drug insurance. Can you recommend any tips to help cut costs? — Tapped Out Tina

Dear Tina: The high cost of prescription drugs is an ongoing problem for everyone, but it usually affects seniors more because they have a greater need for medications and Medicare doesn’t cover all of their drug costs.

While the Inflation Reduction Act, signed into law last year, will help seniors save on their medications by negotiating lower drug prices and capping out-of-pocket spending at $2,000, it will be a few years before the law is fully enacted. In the meantime, here are some strategies to help reduce your costs.

Talk to your doctor: A good first step is to review your medications once a year with your doctor to find out if any of them can be stopped or reduced. If you’re taking any brand-name drugs, check to see if they are available in a cheaper generic form.

Also, for any drugs you’re taking long term, ask your doctor for a cheaper three- or six-month prescription, versus a one-month supply.

And find out if any of the pills you’re taking can be cut in half. Pill splitting allows you to get two months’ worth of medicine for the price of one. If you do this, you’ll need to get a prescription for twice the dosage you need.

Review your insurance: Carefully review your drug coverage during the open enrollment period, which runs from Oct. 15 to Dec. 7 for Medicare beneficiaries. Make sure all your regular medications are covered in the plan’s formulary, that your current pharmacy is in the plan’s network and that your plan covers additional medication coverage in the gap. To shop and compare Medicare prescription drug plans, go to Medicare.gov/plan-compare.

Pay cash: Not using insurance for prescriptions seems counterintuitive, but in some cases, it may save you money. For example, many chain pharmacies and big-box stores have their own prescription savings programs that may be lower than your insurance copayment. Or you can use coupons through GoodRx.com or RxSaver.com that can save you up to 80 percent off the list price of generic and some brand-name drugs.

Shop online: You can also save on regularly used medications by having them sent to you from a mail-order pharmacy. Check with your health insurer or regular pharmacy to see whether it will get you a better deal. If not, check online pharmacies such as CostPlusDrugs.com or HoneybeeHealth.com. With these, you may spend less in some cases than you might with insurance.

Get more help: If your income is limited, you may also be able to get help through Medicare’s Extra Help program, your state pharmaceutical assistance program or patient assistance programs. Visit Medicare.gov to see if you’re eligible for these programs.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org.