Seniors spend a lot on prescription drugs
More than half of adults age 65 and older report taking four or more prescription drugs.
This often puts significant financial pressure on seniors because the cost of prescription drugs have been increasing steadily over the years,
In fact, the prices of the 20 most commonly prescribed brand-name drugs for seniors rose nearly 10 times more than the annual rate of inflation over five years.
If your older adult is paying a lot for medication, checking to see if there are ways to reduce the cost of prescription drugs could mean thousands of dollars in savings.
To help make their medicine more affordable, we rounded up 7 tips that help seniors save money on prescription drugs.
7 ways for seniors to lower the cost of prescription drugs
1. Switch to generics
On average, generic drugs cost about 85% less than brand name drugs.
Ask your older adult’s doctor if there are generic drugs that could safely replace their brand medications.
The FDA requires generic drugs to have the same quality and performance as brand name drugs, but there may still be subtle differences that could affect your older adult’s health.
That’s why it’s important to speak with the doctor before making any changes.
2. Find less expensive brand name drugs
Most health conditions can be treated by a variety of different drugs.
Some of those drugs may work in similar ways, but can cost much less.
Ask your older adult’s doctor if there are less expensive brand name medications that could treat their condition just as well as the current medication.
3. Switch to a mail-order pharmacy
Many health plans and pharmacy companies encourage you to use their mail-order pharmacy.
You’ll save money on most drugs and get a 3 month supply.
That means fewer trips to the pharmacy – a time-saver too!
4. Find a better Medicare drug plan
If your older adult is paying high prescription medication costs, a different Medicare drug plan could lower those costs.
5. Get help from state programs
Some states have programs that provide extra help paying for prescription medications.
It’s worth the time to investigate if your older adult’s drug costs are high relative to their income – they may qualify.
6. Get help from the drug manufacturer
Some drug companies offer programs that help people pay for their medications.
Use this simple tool to look up your senior’s drugs to see if there are any assistance programs.
However, the benefit of drug manufacturer coupons are changing now that insurance companies have put copay accumulators in place.
Examine your older adult’s specific prescription drug plan to see how using these type of coupons will affect their deductible and out-of-pocket costs.
7. Apply for the Extra Help program
For lower income seniors, Social Security has a program called Extra Help With Medicare Prescription Drug Costs.
It helps pay for costs related to a Medicare prescription drug plan. Find out if your older adult qualifies and how to apply.
Recommended for you:
- How Seniors Can Get Help Paying for Prescription Drugs
- Find Financial Help for Seniors: 2,500+ Federal, State, and Private Benefits Programs
- Seniors Forced to Pay More for Prescription Drugs with Copay Accumulators – 6 Ways to Lower Costs
By DailyCaring Editorial Team
This article wasn’t sponsored and doesn’t contain affiliate links. For more information, see How We Make Money.