For people taking prescription medications costs are a priority. Those facing increased costs may turn to methods such as taking half-doses or skipping altogether to get more from prescriptions. Health is important. There are ways to save on prescription medication while taking the doctor recommended dose.
Ask a Doctor
Ask a medical professional whether generic or more-affordable options are available. In many cases there may be less-expensive alternatives. Switching from a name-brand prescription medication to a generic can save up to thousands per year or more.
Ask About Aid Programs
Many pharmaceutical companies have assistance programs for qualifying Medicare recipients. An estimated two million Medicare recipients taking prescription medication qualify,
There are 12 million people today, or about one in three people who have Medicare coverage taking advance of this cost-saving method. An estimated two million more qualifying people have yet to take advantage.
Qualifying recipients for full assistance pay reduced rates for generic and name-brand prescription drugs. Limits set at $3.30 for generic medication and $8.25 for name-brand help prescription drugs become affordable. Partial qualification reduces medication cost by 85%. Aid depends on income and revenue.
For single people, an income cap of $13,820 limits participation. For married persons, $27,600. Relatives living in the home may affect income considerations. Savings accounts, stocks, and bonds count toward income and resource levels. Assets, gift amounts, and some other sources remain separate. These programs help people save thousands each year.
Register for Aid
For those interested in applying, three options are available:
- Find an application and detailed instructions online anytime at socialsecurity.gov/extrahelp.
- Request for SSA-1020 over the phone, or apply by calling the Social Security Administration at 1-800-772-1213
- Ask for aid and assistance in-person at a local SSA office.
Applications are easy to fill out. Instructions are available online or by asking an SSA representative. Bring a social security card, drivers license or similar, and bank information including account balance, assets, and investments. The Social Security Administration reviews applications with replies generally sent in a month.
Check back often for more information on prescription medications, wellness, and ways to save money. Topic suggestions are always welcome. Contact an agent anytime for all insurance-related questions.