Simple Ways Seniors Can Save On Prescription Drugs

There are simple ways Medicare beneficiaries can save on prescription drugs.Photo byAmerican Association for Medicare Supplement Insurance

Jesse Slome is director of the American Association for Medicare Supplement Insurance (AAMSI) a national advocacy organization that supports insurance professionals who market Medicare solutions. This post may include affiliate links. If you purchase anything through these links neither the author nor the Association earn a commission. However, agents who sell Medicare plans do.

The cost of prescription medications in 2025 can be significantly controlled or reduced by taking some simple steps.

Medicare offers seniors two excellent options. And, next week begins Medicare's Annual Enrollment Period (AEP) when you can easily compare 2025 plans and pick the best one for your individual needs.

The two options are purchasing a Medicare Part D prescription drug plan or enrolling in a Medicare Advantage plan that includes prescription drug coverage.

Not all drug plans are created equal. Which drugs are covered and how much coverage you get for a particular drug can vary significantly from one plan to the next. And, it's very likely that your current coverage may change starting January 1st. That's why it is so important to compare starting next week.

See If Generic Versions Are Now Available: Another way to save is to ask your physician if a generic version of the medication has recently become available. As many as 750 new generic drugs are introduced annually.

Brand-name medications are usually much more expensive than generic medications, so switching to a generic version of a medication – if it exists – could save you a lot of money.

See If Using Mail Order Will Save You Money: Drug plans are increasingly offering lower prices when you use either a mail order or preferred fulfillment center. During AEP call your current plan to see if they are offering lower cost options for 2025.

Shop Around And Check GoodRX: Before filling any prescription, it pays to shop around. Prices can vary significantly from one pharmacy to another. Also check GoodRX.

GoodRx allows you to see in a single place what various pharmacies near you are charging for the same drug. GoodRx makes comparing prices easier and also provides access to coupons and discounts offered by drug manufacturers. Some phramacies will accept the lower GoodRX pricing which can reduce your cost significantly.

Some drug manufacturers also offer patient assistance programs or coupons for discounts on certain medications. Ask at the pharmacy or search online for the medication you need to see whether the manufacturer offers these cost-saving options.

Assistance Programs: Many states offer help in paying your drug plan premiums and covering the cost of prescriptions and other drug costs via a State Pharmaceutical Assistance Program. Each state has its own criteria for these programs. Not all states have them, so you’ll have to search for your state on Medicare’s web page dedicated to these programs to learn what’s available in your area.

Extra Help For Low-Income Seniors: A joint program of Medicare and Social Security, Extra Help is a way for people with limited income and resources to get assistance. Those who qualified in 2024, paid no more than $4.50 for generic covered drugs and no more than $11.20 for brand-name covered drugs.

Jesse Slome shares tips and tactics for saving money and planning, many focused on strategies for seniors. Please "Like" this article and "Follow" Slome on Newsbreak for regular updates.