How To Save Money On Prescription Drugs With Medicare
For many seniors, prescription drugs are the most expensive part of health care. Thankfully, if you’re one of many who is struggling to pay for needed drugs, Medicare has some options for you.
Use Generic Drugs
Most drugs that your doctor prescribes will have a generic counterpart that works just as well. Ask your doctor if he prescribed a name-brand or a generic drug, and request generics. You might be able to save hundreds each year!
Some pharmaceutical companies actually offer prescription drug discounts for those covered by Medicare Part D. Medicare.gov has a search function so you can find out if you can get a discount for the drugs you’re taking.
Get Gap Coverage
Have you heard about the coverage gap known as the “Donut Hole?” The donut hole is a limit on what your prescription drug plan will cover, and it applies to all Medicare clients who don’t have Extra Help. In 2019, the donut hole limit is $3,820.
You will pay for 100% of your drug costs until you hit your deductible, which will be $415 in 2019. Once you spend your deductible, you will only pay a small percentage of your drug costs…but once you hit $3,820, you will enter the “Donut Hole,” in which you will pay up to 25% for brand-name drugs and up to 37% of generic drugs. The donut hole will end once you spend $5,100 on prescription drugs. At that point, you will only be responsible for 5% of your drug costs for the rest of the year.
Some Medicare plans offer additional coverage to protect you from the Donut Hole. That’s something you can ask your agent about when you meet to discuss your coverage options!
Get Extra Help
You might be qualified for Extra Help, or LIS. Extra Help is a Medicare savings program based on income level. Some beneficiaries have saved nearly $4,000 per year by enrolling in LIS. If you’re not sure if you’re qualified, speak to your agent! We can help you look over the qualifications and go through the application process.
To set up an appointment with an agent, call us at 1-844-431-1832.