Here are 6 common sense strategies for saving money on Part D costs
Saving money on Part D starts with choosing the right plan for your circumstances. But beyond that there are ways that you can save money without limiting your required prescriptions.
The following video will show you 6 common sense strategies that you can implement now to start saving money.
6 ways to stretch your Part D dollar
1. As previously mentioned, if you don’t have the most suitable plan, you could be throwing money away.
It is vitally important that you enroll in a plan that covers all your required medications. It will often cost you a lot more to pay for a drug when it’s not covered than to pay a little more in monthly premium to ensure an adequate formulary.
Conversely, you don’t want to over-insure. If your prescribed medications are common and included in most plans with a basic formulary, you may not need to enroll in a plan with an enhanced formulary only to pay a higher premium.
2. Use in-network or preferred pharmacies. Most plans have upwards of 60,000 in-network pharmacies and you should use them.
Many insurance companies have partnered with retail chains and have actually branded their plans incorporating the retail name into their Part D plans. For instance; Humana Walmart-Preferred Rx Part D Plan.
If you have one of these co-branded plans you should use preferred pharmacies whenever possible.
3. If you take maintenance medications treating conditions such as high blood pressure or elevated cholesterol, you should use your mail order benefit.
Many plans will include a $0 copay for preferred generics and most plans will allow you to receive a 90 day supply of medication for 2 months of copayment or coinsurance.
4. When you doctor prescribes a new drug, ask if you can get some samples to try it out before committing to new out-of-pocket costs.
It’s not uncommon to be prescribed a drug that doesn’t agree with you and it doesn’t make sense to pay money to find out if you have an option to get samples first.
5.The next time you visit your doctor take your drug formulary and ask if there are any drugs that could be substituted for what you currently take that may be listed in a lower tier.
There is a good chance that you could try a new drug with less cost to you where you could get the same results. And don’t forget to ask for samples if available!
6. Always, always ask for a generic first. The amount you’ll pay for a name brand drug is considerably more than a generic. It always make sense to try a generic first.
These strategies won’t always work. Your doctor may not have samples for all drugs available or maybe a generic is not yet available, but often times you can cut your expenses and start saving money on your Part D costs.
Do you qualify for extra help?
The Part D Low Income Subsidy is designed to help people with limited resources pay for their Part D costs. If you have a limited and resources you should explore this option.
- If you’re single with an annual income less than $16,755 and resources less than $13,070 you qualify.
- If your married and living with your spouse with an annual income less than $22,695 and resources less than $26,120 you qualify.
To learn what defines resources and which resources are exempt, check out the Medicare & You handbook.