As we get older, our bodies go through many new changes. Sometimes, the conditions associated with aging can require medication, and unfortunately, these medications can be expensive! In fact, the average older adult spends $600 a year on prescriptions! Luckily, there are many ways to ease the burden of these costs, and we’ve gone ahead and listed a few below.
How to Get Prescription Discounts
Government:
The government often offers help with managing the cost of prescription drugs. There are two common forms of government assistance for medication.
- Medicare: While Medicare covers an extensive range of healthcare costs, the part of the program that covers prescription costs is called Medicare Part D, or Medicare Prescription Drug Coverage. Additionally, lower-income recipients can qualify for Extra Help, which will reduce the costs even more! This program can significantly lower prescription costs, but one downside is that the recipient has to already be on Medicare. For more information, please check out the National Council on Aging’s Benefit Checkup website!
- State Prescription Assistance Programs: If someone’s financial situation doesn’t qualify them for Medicare’s Extra Help program, it’s worth looking into state programs. Currently, over twenty states offer prescription assistance programs, which people can qualify for based on their financial situation and medical needs. Learn more here!
If government programs seem like the best option, remember that Medicare plans can be modified during the Medicare Open Enrollment period.
Manufacturers:
Many companies that produce medication also give out discounts through their own assistance programs for patients with a greater need for financial assistance. These patient assistance programs are independent of government programs, but many work in conjunction with Medicare Part D! The US Center for Medicare and Medicaid Services has a helpful guide to patient assistance programs that we’ve linked here.
Third-Party Apps:
Besides manufacturers and government agencies, many independent apps offer prescription discount cards. These services are easily accessible and can be very convenient to use! They partner with pharmacies to offer these lower prices, which customers can then access from their websites and apps. The two largest options are SingleCare and GoodRx. Both have their own benefits, so choosing is up to each individual’s needs!
- SingleCare: SingleCare offers significantly lower prices compared to its competitors and a sleek layout that makes it easy to navigate. They also offer bonus savings that can really benefit people who take many prescription medications! However, a downside is that they don’t cover as large of a range as GoodRx.
- GoodRx: Another commonly used service is GoodRx, which offers a wide range of discounts as well. GoodRx typically has less discounts on the medications themselves, but makes up for it by providing many related services, like telehealth appointments and delivery services. This may be a good option for older adults who prefer to remain at home.
Prescription discounts are a great way to lower the costs of medications. While finding the right discounts can be hard, there are plenty of options out there!
