Maintaining Annual Drug Costs
Drug plans are not one size fits all and everyone’s specific needs should be addressed accordingly. Everyone is looking to stretch their dollar further when it comes to prescriptions. It comes down to just asking a few questions, being proactive, and you could potentially see a decrease in annual drug costs.
There will always be certain drugs that will drive costs into the coverage gap or “Donut Hole” but for the most part, it is possible to drive costs down in several ways.
Here are a few ways to take action to bring down rising drug costs and combat changing formularies.
- Make sure a Drug Plan is in Place: One of the most avoidable factors in higher drug cost might not be the drug at all, but a penalty. If you choose not to put a drug plan in place when you begin Medicare coverage there is a LIFETIME penalty. 1% of the national average drug plan cost will be added to your premium every month for as long as you remain on Medicare. Always have a drug plan or a comparable option to avoid penalties.
- Use the Preferred Pharmacies: It is easy to opt for convenience and with rising gas prices it is understandable. That being stated make sure that the savings on your drugs will not outweigh the cost to travel a little further to a preferred pharmacy. If mobility is an issue there is always a mail order option to keep costs down.
- Discuss Generics with your Doctor: If name brand medications are hindering your ability to purchase the drug then perhaps a conversation with your doctor may be in order. Listen to your healthcare provider, but do not be afraid to simply ask it may be a great and simple solution.
- RX Assistance Programs: Most pharmaceutical companies have these programs in place. It is usually as simple as filling out an online form and waiting to see if you qualify. Ask your doctor’s office about these options they can truly save you thousands.
- Attempt Appeals: This is a last-ditch effort if we are being honest. The formularies are specifically made and crafted over the course of each year. These requests are denied on average but second appeals have proved to be helpful in specific situations.
If you are facing high drug costs, try implementing some of these strategies. There is always new legislation being passed as far as drug costs are concerned. In early July 2021, the current administration passed executive action to create more competition between pharmaceutical companies. More competition could lead to lower costs. Stay proactive and seek out the help that is available for you.
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