Financial Tips
How to Save Money : Senior Citizens Needing Prescription Drugs
Money-Saving Ideas for Senior Citizens Needing Prescription Drugs
It's sadly ironic that, during the time of your life when money is often tightest (i.e., during your retirement years when you're living on a fixed income), that's also when it's most common to find yourself in need of costly medications. If your household budget is feeling a little pinched by prescription drug costs, take a few moments to read some savings ideas assembled by the financial professionals at Credit Counselors.
Make a List. Whether you currently take one or many pills each day, knowing your prescription drug needs will help determine the best plan of action. So, take a few moments to make a list of the prescription drugs you're currently taking. You'll need this list when comparing insurance plans and pharmacies.
Medicare Prescription Drug Coverage. Everyone with Medicare, regardless of health status, is eligible to sign up for Medicare Part D, the prescription drug component of Medicare. This coverage is not right for everyone, but may make sense for you. We recommend discussing the matter with your doctor or pharmacist because not all medicines are covered. Also, you'll need to consider the financial end of this plan, as there will be monthly premiums and copays. Full information is available online at Medicare.gov or via phone by calling 1-800-MEDICARE.
While At Your Doctor's Office... Next time you're at your doctor's office, raise the subject of prescription drug costs if the medicine you're taking is too expensive. Ask whether a similar, less expensive drug might be available. Also ask whether a generic equivalent exists, as these drugs can save up to half the cost of a name brand.
Compare Pharmacies. For each drug you take, you should compare prices at different pharmacies. Make sure to include the large member warehouses that have pharmacies - even if you're not a member. (Under Federal law, they must sell to nonmembers as well.)
Buy a Larger Supply, if Possible. Sometimes you can save money by buying your medicines in bulk rather than one month at a time. This is often practical for those who know they'll be taking a certain medication for many months or even years. It may also relate to the way your doctor writes the prescription, so ask the pharmacist if that matters and, if so, ask your doctor to accommodate your request.
The Half-Dose Trick. Another tip that works for some medications is to obtain a prescription for double the dosage and then take only half the pill at once. In this way, your prescription lasts twice as long. Of course, you'll need to remember to split the pills in half each time. Also, this doesn't always work for certain medications such as time-release formulas. Ask for your doctor's opinion on this matter next time you're in.
Mail Order Drugs. This option may be especially handy for those in rural areas or otherwise distant from a pharmacy where the needed pills can be purchased. Also, shopping via a mail-order company offers yet another price comparison with your local pharmacies. You may find savings opportunities out there.
Online Pharmacies. Similarly, there may be great deals on the Internet. But before you order, you need to make sure you're ordering from a trustworthy source. You want a pharmacy to (1) be U.S. based, (2) be licensed by the state board of pharmacy for its location, (3) employ a licensed pharmacist in case you have questions, (4) require a legitimate prescription from a licensed medical professional, (5) offer contact information for you to talk with someone and ask questions, and (6) respect your private information, as explained in a clearly displayed privacy policy.
The best way to go about selecting such a pharmacy is to visit the National Association of Boards of Pharmacy and look up a link to the state board of pharmacy where the online pharmacy is based. That state's board should be able to help you determine if the online pharmacy is reputable and state-licensed.
Other Assistance Programs. When you've done everything listed above and are still having budgeting or debt management difficulties, it's recommended to ask your doctor for further advice. He or she may be able to assist you in accessing other assistance resources based in your state or community.
Talk with a Budgeting Professional. At Credit Counselors, we'll be able to provide you with household budgeting and debt management advice specific to your situation. We've worked with more than a million individuals and families to develop household budgets to accommodate their needs in the best way possible. These needs may include healthcare and prescription drug costs. Contact Credit Counselors today for a personalized consultation.
