7 tips to help with the Medicare donut hole
These seven tips can help you save time, money, and frustration when understanding Medicare prescription drug costs.
Getting the best prices on medicines is always good – and it may be extra helpful for people on Medicare who are trying to avoid that pesky donut hole (if you need a refresher about what the donut hole is, check out this post).
Try these tips to lower your prescription costs:
The Medicare.gov website is the best place to do it. Make sure your plan still covers your prescriptions, check whether the price of your drugs is going up and see whether a different plan could save you money.
You might be able to switch a brand-name to a generic, lower the amount you take or even stop taking a medicine you no longer need.
He or she can sit down with you, look at all the prescriptions you take and give you ideas of other, less expensive prescriptions you might be able to take. You can get ideas about combinations of prescriptions that might make you feel better and discuss these with your doctor. This is called a Medication Therapy Management consultation, and all Medicare prescription drug plans (Part D) cover it.
They can tell you if you may be able to get better prices on prescriptions at a different pharmacy, by mail or by getting different quantities (like a 90-day supply instead of a 30-day supply).
If you have an online account for your health plan, look around for a calculator tool where you can put in the prescriptions you take and how much you need. It’ll tell you how much it’s going to cost you at different pharmacies. It might not be cheapest at the corner drugstore.
Or they may have a rewards program that can help you save money.
By visiting medicare.gov, you can learn more about the programs that are available to help you.
Some people can’t avoid the donut hole completely. If there’s a good chance you’re going to hit it, smart planning can help you prepare for it.
# 1: If your pharmacy is ringing you up and your prescription costs more than you think it should, stop and don’t pay for it. You can’t return prescriptions, even if there’s a mistake. Call your health insurance company and ask about the cost to make sure it’s correct before you finish checking out. You may have unexpectedly hit the donut hole.
#2: Think about timing. If you’re in the donut hole and nearing the end of the year, assess what prescriptions you really need to buy now. Do you have enough medicine at home to get you through the end of the year? Could you get a smaller quantity this time since you’re paying a higher price?