A Financial Checklist for Cutting Prescription Costs
Feeling overwhelmed? Let’s simplify it. Here is a step-by-step checklist of the most important actions to take to gain control over your prescription drug spending.
First, create a master list of all your medications. Write down the exact name of each drug (e.g., “Lisinopril”), the dosage (e.g., “20mg”), and how often you take it (e.g., “once daily”). This list is your most important tool.
Second, mark your calendar for the Medicare Open Enrollment period from October 15 to December 7. During this time, take your medication list to the official Medicare.gov website and use the Plan Finder tool to shop for the most cost-effective Part D or Medicare Advantage plan for the coming year.
Third, schedule a specific “medication review” appointment with your doctor. Take your list with you and be upfront about your need to lower costs. Ask about generics, less expensive therapeutic alternatives, and the possibility of pill splitting for any of your medications.
Fourth, explore all avenues for discounts. Before filling a pricey prescription, check the price using a free discount app like GoodRx. Visit the Social Security website (SSA.gov) to see if you qualify for the Extra Help program, which could dramatically reduce your costs.
Finally, protect your identity and your health. Be vigilant against phone scams. Do not give your Medicare number to unsolicited callers. Only use licensed, U.S.-based pharmacies to fill your prescriptions, and be skeptical of any offer for “free” medical supplies that seems too good to be true.
