Ways to save on prescription drug costs
HOUSTON - Two big changes are coming to help reduce the cost of some life-saving drug prescriptions, but they won't take effect right away. So we've rounded up some programs that help cut prescription costs.
"I couldn't afford to pay six hundred and something dollars for one prescription when I'm on six or seven other prescriptions. Six hundred dollars for one medicine is not good, it's not good," said one senior.
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Many seniors struggle with the high cost of prescription medications they need.
"I go over my drug plan consistently, so I always go into just sort of a donut hole," said senior Elvira Quinones Reyna.
The Inflation Reduction Act enabled Medicare to start negotiating prices for the ten costliest and mostly widely used drugs, including Eliquis, Jardiance, and Xarelto, which the White House says cost Medicare Part D enrollees about $4,500 a year. They say prices are expected to be 60% to 70% lower, but won't take effect until 2026.
And in Texas, a new state law allows the Texas Department of Health and Human Services to begin the process of importing prescriptions from Canadian wholesalers, which offer them much cheaper. The program is expected to be up and running next year.
Meantime, your local Area Agency on Aging helps qualifying seniors find assistance to pay for medications, including the Medicare Extra Help and the Medicare Savings Programs.
"It does help to offset those premiums and copays. And on the Medicaid side, they can also get the Medicaid Savings Program, depending on their income and resource limits," explained Alex Rischan with the Houston Galveston Area Council.
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Rischan says seniors should also re-evaluate their Medicare plan during open enrollment, which starts October 15, to get the best coverage for their particular medications, and tell their doctors when they cannot afford a prescription.
"Letting them know you cannot qualify for assistance to afford that prescription and seeing if there’s a pharmaceutical assistance program or sample they can provide, or another prescription altogether to lower the cost," said Rischan.
There are several more ways to save money on prescriptions:
You can use the GoodRx app, which offers coupons on generic drugs.
You can join store discount prescription programs, such as Walgreens, Walmart, Kroger and H-E-B.
If your coverage is through Aetna or CVS/Caremark, they both offer discount cards.
Go to the website for your drug. Many drugmakers offer assistance programs.
And if you take generic medications, Scriptco Online Pharmacy and Mark Cuban's Cost Plus Drugs can offer big savings.