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How To Save Money With Your Medicare Drug Plan

How to Save Money with Your Medicare Drug Plan

Prescription drugs can take a big bite out of your budget. Your Medicare plan may offer cost-saving benefits that can be worth checking into to help keep more cash in your pocket. Explore some of the following ideas to save money on your prescription drugs.

Pick a Network Pharmacy. Your Medicare prescription drug plan may have a pharmacy network. This is a group of pharmacies that offer extra savings and discounts to plan members. Your plan might also have a special arrangement with certain “preferred” pharmacies that could mean additional savings. Check your plan materials for information about network pharmacies.

Follow the Formulary. Your Medicare prescription drug plan probably has a formulary that lists the drugs it will cover. Drugs on your plan’s formulary cost you less than drugs not on the formulary. Also, many formularies are tiered – meaning they divide drugs into groups based on cost. Usually the lower the tier, the lower your co-pay will be. You might be able to switch from a high-tier drug to one on a lower tier to help reduce your costs. Ask your doctor if this is an option for you.

Give Generics a Chance. Generic drugs are the same as brand-name drugs in safety, strength, and quality. They usually cost less, too. The lower cost of generic drugs could help you avoid the Medicare Part D coverage gap or pay less when you’re in it.

Make Mail-Order Your Pharmacy Choice. Many Medicare Advantage and Medicare Part D plans offer a mail-order pharmacy service. Co-pays could be lower than getting refills at the pharmacy. Plus, you may save even more by ordering a 90-day supply of your drugs at one time.


For more information, contact us at 941-405-3900.

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