Tips To Reduce Your Out-Of-Pocket Drug Costs Part 1

Tips To Reduce Your Out-Of-Pocket Drug Costs Part 1

The first way to reduce your out-of-pocket cost of prescription drugs could be a Medicare prescription drug policy. If you do not have a prescription drug policy, you may be paying out of pocket for 100% of your prescription drug costs, since Medicare Part A and B generally do not cover the prescription drugs you take at home. You can get a Medicare Advantage Prescription Drug Policy or a separate prescription drug policy. Both policies could include expenses such as premiums, deductibles, co payments and co insurance. While the cost of prescription drugs can easily overwhelm you or your budget, there are several ways to reduce the cost of Medicare prescription drugs.

Evaluate your drug insurance every year.

Under the federal guidelines, separate policies for Part D prescription drugs and 2019 Medicare Advantage plans with prescription drugs may change each year. For example, they can add or remove drugs from the list of insured drugs that increase co insurance or co payment, or move drugs from lower to higher price categories.

Your policy may need to tell you when changes are made to the wording, so you generally do not have to worry about the list of detected medications changing without your knowledge. Keep in mind that the fact that you only pay $10 for a drug does not imply it will always cover your policy this year, not even your policy. Therefore, it is important to compare Medicare policies during the annual election period (also referred to as Medicare Open Enrollment) in order to ensure you get a policy with the lowest total cost based on the drugs you take. This schedule is every year from October 15 to December 7. When buying a policy, consider the monthly premium and the annual deductible, as well as the coinsurance or coinsurance of all your medications. Remember, a low monthly policy may cost more in the long term if you have to pay more for your medications.

Ask your doctor to prescribe generic medications

While there may be cases where brand-name drugs might be medically necessary, for most cases, low-cost generic drugs can also help treat your ailment. Generic prescription drugs in the form of dosage, potency, safety, route of administration, quality, performance, and intended use are similar to the brand names of prescription medications; according to the Food and Drug Administration (FDA).

Some doctors, unfortunately do not take into account the prices of medications when writing prescriptions. Therefore, it is up to you to get in touch if your doctor offers you a new prescription. Never be afraid to speak to your pharmacist or doctor to find out if there is a generic drug that is right for you. Some Medicare Part D policies offer treatments with generic drugs as low as $0. Therefore, asking your doctor for generic prescriptions could have a big impact on your budget.  For long-term medications, consider the use of a mail order pharmacy  If your package offers a mail order pharmacy in your network, you must compare the cost of using the mail order retail store with a retail pharmacy.