3 Tips to Help You Cut Medicare Rx Costs
Medicare can be very complicated and it can be difficult to know which benefits and plans you may need. New Capital has partnered with Medicare BackOffice to help clients navigate this complex area. Medicare BackOffice is a team of dedicated insurance advisors who are licensed, contracted and certified in all 50 states to provide Medicare advice and products. They can answer questions and help get you enrolled in Medicare or provide advice on outside policies that will work with Medicare.
If you are approaching age 65, or are already enrolled in Medicare, and have questions or need some advice, please email Catherine.
Below is Medicare BackOffice’s “3 Tips to Help You Cut Rx Costs”
3 Tips to Help You Cut Rx Costs
Are you struggling with the soaring cost of prescription drugs? CBS MoneyWatch recently reported that drug prices are predicted to soar nearly 50% over the next few years. Here are three tips on how to cut your prescription drug costs.
1. Look to generic alternatives.
Even if the medication that you are taking doesn’t have a generic, you might be able to switch to a therapeutic alternative that does have a lower cost generic available. Explore the alternatives with your physician. Your pharmacist may also be able to recommend an alternative medication that could save you money, and the pharmacist may even be able to facilitate the change on your behalf by contacting your physician for you.
2. Ask your doctor if a medication is still necessary.
Often, people continue to take medications because no one told them to stop. They may have changed doctors a few times, and the medication list just kept growing. It may be time to ask your physician which medications are still necessary. As we get older, some medications that were appropriate in our 50s are no longer safe as we age into Medicare. As always, the cheapest medication is the one you were able to avoid by eating well and exercising regularly.
3. Understand how your Medicare Part D Prescription Drug plan works.
Get creative with your Part D plan search. Did you know that not every medication is cheaper through mail order? Some might be, but some may actually cost more because of shipping costs associated with bulky or heavy packaging. A hybrid approach of getting some medications at your local pharmacy and others by mail order — based on which outlet has the lowest out-of-pocket costs — can really save you some cash. Make sure to look at your best plan options every year during open enrollment, Oct. 15 through Dec. 7.
If you need more help, call Medicare BackOffice at 1-877-385-8083. If a Licensed Insurance Agent isn’t able to answer your question, Medicare BackOffice’s Pharmacy Director Ryan Vlasin can explore your options with you.