Seniors spend a lot on prescription drugs

7 Ways for Seniors to Reduce Prescription Drug Costs

On average, people over age 65 take 14 – 18 prescription medications a year. Unfortunately, drug costs have been increasing steadily over the years, putting significant financial pressure on seniors. To help make their medicine more affordable, we rounded up 7 tips that help seniors save money on prescription drugs.

7 ways to spend less on prescription drugs

1. Switch to generics
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.

You’ll save money on most drugs and get a 3 month supply. That means no more running back and forth to the pharmacy – saving time 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.Use the Medicare Plan Finder to look at different plans or talk with a free expert counselor at your local State Health Insurance and Assistance Programs (SHIP) office.

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. Find out if your state offers extra help paying for prescriptions.

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.

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