American Retired Seniors

The rising cost of prescription drugs is a major concern for many Americans, especially senior citizens. Those who live on a fixed income may worry every time they have to fill a prescription.

Their concerns are genuine. Will I be able to fit this into my household budget? How often will I need to refill my prescription? Can I afford the expense? If not, do I put my health at risk by foregoing the medication?

Medicare prescription drug coverage, known as Medicare Part D, offers recipients some relief. Seniors need to take the time, however, to consider this and other ways to save money. Without careful budgeting, seniors may find themselves in a financial and medical quagmire.

The experts at ClearPoint Credit Counseling Services , a nonprofit organization, offer tips for seniors looking to save money on their prescription drugs.

Inventory your medications. The first step is to compile a list of the medications you are taking. That will help you determine which prescription drug plans cover a majority of your medications.

Compare plans. Everyone with Medicare, regardless of income, health status, or prescription drugs used, can get prescription drug coverage (Medicare Part D). Don’t enroll, however, until you have talked with your doctor or pharmacist. Ask for help comparing any existing supplemental coverage you may have to determine if Medicare Part D is right for you. Are your drugs covered under the plan formularies? What are the monthly premiums? The Medicare Hotline (1-800-633-4227) is another resource for information and assistance.

Talk to your doctor. Contact your doctor to discuss alternative medications if you cannot afford the drugs you are currently taking. Your doctor may be able to switch you to a similar, less expensive drug. Some doctors will offer free medication samples to tide you over while you seek cheaper prescription drug coverage.

Skip the name brand. Ask your doctor if he or she can prescribe a generic alternative. Generics can save you 30%-50% over the cost of a brand name drug and have the same active ingredients and effects.

Shop around. Compare prices on a prescription-by-prescription basis. Stores often have specials on popular drugs. Ask your pharmacist if he or she will match the price of a competitor’s prescription. Check member warehouses with pharmacies. Federal law requires them to offer their discount prescription services to non-members.

Stock up. If you are going to be on a medication for several months or years, you can probably save money by buying in bulk. Some plans will provide three-month supplies of medications if your doctor writes a 90-day prescription.

Split pills. Ask your doctor or pharmacist if you can get your prescription at double your dose and then split the pills in half. This can result in significant savings. Always check with your doctor first as this technique is not appropriate for all medications. Splitting time-release formulas can result in inexact doses and create a dangerous situation for the user.

Order by mail or online. Ordering prescription drugs by mail can save you money. It’s particularly convenient if you take drugs on a regular basis and cannot always get to the pharmacy. You can order your drugs in advance and have them delivered to your mailbox. Take precautions if you choose to purchase your medications online. Deal only with reputable pharmacies located in the U.S. and licensed by the state board of pharmacy where they are located. Legitimate online pharmacies will require a prescription from your doctor and have a licensed pharmacist available to answer your questions. Be sure the Web site has a privacy policy and can protect the security of your financial transaction.

Filed under: Medicare and Health Insurance, Senior Finances