Scientists produce some wonderful treatments that help us live longer and better and, though I am fortunate not to have to follow a daily drug regimen, I am grateful to know there are medications that can help me when and if I need them.
Just don’t get me started on the pricing abuses of big pharma or this blog will melt down into a rant. Hopefully, with proposals by President Joe Biden, the government will soon have the power to negotiate lower prescription drug prices for consumers. In the meantime, I thought it would be helpful to review what you can do now to cut the cost of your medications.
Start at your doctor’s office
Your annual physical should always include a review of your medications. Your general practitioner should audit your prescriptions making sure you are not taking drugs that conflict with each other. However, it is also a good way to see if you can cut prescription costs. Here’s what you can ask your doctor:
First, are there any medications that can be eliminated without harming your health? You might assume your practitioner would be on top of this, but that would be abdicating your responsibility for your health. Ask if there are medications that are no longer necessary. I was able to eliminate all my diabetic medications after I began eating healthier and exercising regularly.
Ask if there is a cheaper generic alternative if you are taking a high-cost brand name drug.
Tell your practitioner you are going to talk to your Medicare or Part D plan provider about lowering the costs of any high-tier prescriptions you are taking. It’s good to let your doctor know ahead of time that you will be requesting a lower copay for such medications, because he/she may have to demonstrate that there are no lower-cost alternatives to such medication. Then, of course, contact your plan and make your request.
Apply for Extra Help
Administered by Medicare, the Extra Help program will assist in paying some or all of your drug costs if you meet income and asset requirements. The requirements for 2021 are:
Income. To qualify for Extra Help, your annual income must be limited to $19,140 for an individual or $25,860 for a married couple living together. Even if your annual income is higher, you may still be able to get some help if you are supporting other family members who live with you or have extra income from work. Other government assistance, such as food stamps, housing, or emergency assistance do not count as income.
Resources. Your resources must be limited to $14,790 for an individual or $29,520 for a married couple living together. Resources include the value of the things you own. Some examples are real estate (other than your primary residence), bank accounts, stocks and bonds, mutual funds, Individual Retirement Accounts, and cash.
With Extra Help, your prescription costs are no more than $3.70 for each generic drug and no more than $9.20 for brand name covered medications.
Click here to apply for Extra Help.
See if your state offers assistance
Besides, to help from the federal government, some states offer State Pharmaceutical Assistance Programs. You can also learn what health insurance aid your state offers by checking with the state health insurance assistance program network.
Ask Big Pharma
An unlikely source of help with high prescription prices is the pharmaceutical companies. Some offer coupons and some will drop their prices if you meet certain criteria.
To learn if you qualify for help from one or more drug companies, check out the medicine assistance tool or go to the NeedyMeds Drug Card.
Online pharmacies
Part of President Biden’s plan to cut the cost of living for Seniors is to require drug companies to match prices in the United States to international prices and lift legal restrictions on importing drugs.
Almost 20 million Americans already go outside the country for their medications through online pharmacies. If you want to join them, you can start with Pharmacy Checker.com. It is a top-rated company that compares drug prices and screens pharmacies for safety.
One hazard of buying drugs online is that you may be buying from disreputable sources that sell expired for fake drugs. Another concern is that importing prescription drugs is illegal, even though no one has ever been arrested or prosecuted for it.
One of the best ways to lower prescription drug prices is to support Biden’s initiative to authorize the government to negotiate reduced prices and make them competitive with foreign markets.