Managing healthcare expenses can be a significant concern, especially when it comes to prescription drug costs. Fortunately, there are numerous resources available to help individuals save money on medications beyond traditional insurance plans.
In this write up, we will explore various discount drug programs that can benefit retirees who may find prescription drugs too expensive under their current insurance plans.
- GoodRx: https://www.goodrx.com – One of the most well-known and widely used prescription discount programs.
- SingleCare: https://www.singlecare.com – SingleCare is another popular prescription discount card.
- RxSaver: https://www.rxsaver.com – RxSaver is a prescription discount program that helps individuals save money on medications by providing access to discounted prices at participating pharmacies.
- NeedyMeds: https://www.needymeds.org – NeedyMeds is a non-profit organization that provides information on prescription assistance programs and offers a drug discount card that can help individuals save money on their medications.
- RxAssist: https://www.needymeds.org/ – RxAssist is a web-based resource that provides information on patient assistance programs and offers tools for finding discounts on prescription medications.
All of these are website based; some have mobile apps.
These all allows users to compare prices of medications at different pharmacies and access coupons and discounts to lower the cost of their prescription drugs. Users can simply search for their medication and location on any of these web sites to find the best prices available.
In addition, there is, “CostPlus” https://www.costplusdrugs.com
This is a not-for-profit online drug store, created by Mark Cuban, that offers significant savings. Unlike the other sites this requires you get a new prescription from your U.S. based provider.
Conclusion:
Navigating prescription drug costs as a retiree can be challenging, but with the help of discount drug sources like these, individuals can access savings and reduce the financial burden of their medications.
A Key point to consider when choosing to utilize discount drug options:
Impact on Annual Out-of-Pocket Maximum:
For individuals enrolled in Part D plans, the new annual out-of-pocket maximum spending cap of $2000 is set for 2025, It’s essential to be aware that the spending incurred through discount drug programs will not count towards reaching these annual out-of-pocket maximums.
If a drug you need is not covered by your part D or advantage plan, the $2000 cap does not apply.
Retirees should also use the Part D tool on the Medicare website during the enrollment period to select the lowest cost drug plan for the upcoming year.
A note of caution:
Amounts shown using the Medicare Part D site quote the cost of a drug for the remaining months of the year. For example, if you check the cost of a drug using the tool in February the cost will be the total for March through December (10 months). The cost using a discount drug website is for one month so be aware when making the comparison. Also, the cost on the Medicare Part D site can appear higher until the deductible is met.
Final note:
It is heartening to know that drug manufacturers recognize the challenges posed by the high prices of specialty drugs and have taken steps to address this issue through Patient Assistance Programs (PAPs). These programs offer eligible individuals access to crucial medications at lower costs, demonstrating the pharmaceutical industry’s commitment to providing support to patients in need. By exploring discount drug options and utilizing available resources, retirees can effectively manage prescription drug expenses while maintaining optimal health and well-being. Contact your doctor’s office or the drug manufacturer to learn more about the PAP.
