Since seniors often have financial constraints, they usually look for prescription discount cards to save money on their medication.
Unfortunately, a study published in healthaffairs.org found that many elderly do not understand the real value of these drug saving programs, while some of them do not even know how to use them.
Along with inflation, drug costs are rising every year. This impacts the ageing population the most because they are the ones who need more medication when compared to their younger counterparts.
Here, we shared how seniors save on their medication using prescription discount cards.
How Seniors Can Save Money on Prescription Meds
If you are over 65, opting for a good prescription savings program like Choice Drug Card is a good idea. Here is how you can get help with your prescription drug costs.
Understand the basics of a prescription discount card for seniors
Remember that a discount card is not an insurance or a copay card. It is also not sponsored by the government.
Some cost-saving options provided by these Rx discount cards may sound like they are insurance plans, while, in reality, they are just an extended discount opportunity for you.
Manufacturer coupons or copay cards are also totally different. Some drug discount card providers use them if they fail to offer their own discounts on certain medications.
Aside from that, federal and state governments have their own prescription drug assistance programs for older adults. You should compare both government-provided programs and drug discount programs to have a clear understanding of what you are getting.
Remember that discount cards still have financial risks
When you use a discount drug card for seniors instead of your insurance, you agree to pay the discounted price in full. As a result, your insurance won’t help with the cost, and the purchase won’t count toward your deductible. Here, deductible is the amount you need to spend before insurance starts covering more.
Some companies say you can try to get credit for the cost later by submitting the paperwork, but there is no guarantee.
There are also some common issues that could cause you to spend more than expected:
Misleading savings claims
The advertised “up to 80% off” is the perfect example. In reality, you can expect to enjoy savings that range from 20 to 30%.
Price changes
Similar to insurance, prices can change at any moment. The price you are seeing online might not be what the pharmacy will charge when you will get there. That’s why you should always have a backup plan.
Simple mistakes
When you make mistakes like choosing the wrong dosage online, or if a pharmacist does not know how your discount card works, this could cost you more. Always double-check details and do not be afraid to ask questions.
Use online tools to compare prices
We understand that many older adults are not tech-savvy. However, if you are comfortable using your program’s price comparison tool, you may discover even better deals at other pharmacies.
Some of these options might be a bit farther away, but if you are open to traveling a little, the savings could be well worth it.
Try bulk pricing
Similar to when you buy things at a grocery store, medication prices also drop when you buy in bulk.
That does not mean you should be increasing your doses. You can request a 90-day supply instead of a 30-day supply, or you can ask to increase the milligrams of drugs per pill.
However, this bulk pricing option won’t be available at all times. You cannot buy those drugs in bulk that have serious side effects or are known for abuse. Your doctor or pharmacist can help you in this regard.
Compare paid and free membership benefits
There are both free and paid Rx savings cards available for the elderly. You may be tempted to opt for the free ones.
However, the paid ones may come with better options depending on your needs. Besides, those paid membership tiers usually are not so costly.
You have to ensure that you know how to cancel the program if you are not happy with the paid membership, especially if it is automatically renewed every month through autopay.
Feel free to get help from your pharmacist
Ever heard of “Gag Rules?” They were in effect till 2018 when pharmacists could not voluntarily provide detailed information on drug prices.
Luckily, those days are long gone, and now you can ask for better prices without any hesitation. Since pharmacists always deal with drugs, they know which might be the best prescription drug plans for seniors based on your prescriptions and other factors.
Other ways to save money on your prescription drugs
Whether you are a senior or not, you can save on prescriptions with the following tips:
Regularly evaluate your prescription drugs
It’s a common scenario where medications are prescribed for a short time period only, but then they are added to automatic refills, and you keep taking them unnecessarily for month after month.
That’s why we recommend that you review all your prescription drugs at least once a year. The good news is Medicare covers almost all the costs of annual medication reviews.
Look into your medication coverage
During Medicare open enrollment, which ends on December 7 for Medicare Part D, you should carefully review your prescription drug coverage. This is the right time to make changes if needed.
You have to check whether your current medications are included in the plan’s formulary, which is the list of drugs the plan covers. If a drug you take regularly is not on that list, you may have to pay more or switch to a different medication.
There is also the need to check whether your preferred pharmacy is part of the plan’s network. This is because you can lower copayments or benefit from coinsurance using an in-network pharmacy.
What’s more, some plans offer additional coverage during the coverage gap (called the “donut hole”). This way, you can reduce costs when your drug spending reaches a certain limit.
Try to pay in cash
You may think using your health insurance for prescription drugs is always the best option. But what if you are wrong?
Some prescription discount card providers offer coupons that reduce generic drug prices to up to 80% at certain pharmacies.
If possible, always ask your doctor if a generic version of the drug is available. Brand-name medicines are usually more expensive because those companies spend lots of money on research and marketing, which are added to their product prices.
In case you did not know, generics can be up to 80% cheaper than brand-name drugs while having the same efficiency.
Consider online pharmacies
You can also save money on medications that you take regularly by using mail-order or online pharmacies. We recommend that you check with your health insurer or local pharmacy first to see if using a mail-order option would be better for you.
Some newer online pharmacies are offering an extensive range of generic prescription medications at prices lower than retail. In some cases, they can be cheaper than using insurance, especially if you have a high deductible.
For example, the cancer medication imatinib (Gleevec) is sold at Cost Plus for $40 for a 30-day supply, while the retail list price is close to a staggering $10,000.
Even though your insurance might cover part of that, you may have to pay a large amount out of pocket before coverage kicks in.
However, not all online pharmacies are reliable. Some may not have unpopular medications, while some may take several days for shipping.
Look for other options
If you need more financial help, many drug manufacturers offer patient assistance programs based on your income or health status. You can usually apply on the manufacturer’s website to receive a discount card or even free or low-cost drugs.
Wrapping it up
Now that you know how the elderly can save on medication using prescription discount cards, it is time to do your research and compare the most popular options, like Choice Drug Card to find your best match.
If you need any help, feel free to ask your questions in the comments section below.