Ryan Vlasin, Medicare MarketPlace® Pharmacy Director
The average patient share of the cost for a brand-name prescription filled through a commercial health insurance plan has increased more than 25% since 2010, according to a recent report by IMS.
As you help your clients plan for retirement, it’s important to figure in the costs of prescription drugs, especially as they’re expected to keep climbing. CBS MoneyWatch recently reported that drug prices are predicted to soar nearly 50% over the next few years.
Here are three tips to share with your clients to help them control the high cost of medication. You can also send this as a letter or in an email to clients, if you’d like to let them know about the availability of the pharmacist.
- Look to generic alternatives.
Even if the medication that you are taking doesn’t have a generic, you might be able to switch to a therapeutic alternative that does have a lower cost generic available. Explore the alternatives with your physician. Your pharmacist may also be able to recommend an alternative medication that could save you money and the pharmacist may even be able to facilitate the change on your behalf by contacting your physician for you. If you need more help, call Medicare BackOffice at 1-877-385-8083. If a Licensed Insurance Agent isn’t able to answer your question, Medicare BackOffice’s Pharmacy Director Ryan Vlasin can explore your options with you.
- Ask your doctor if a medication is still necessary.
Often, people continue to take medications because no one told them to stop. They may have changed doctors a few times, and the medication list just kept growing. It may be time to ask your physician which medications are still necessary. As we get older, some medications that were appropriate in our 50s are no longer safe as we age into Medicare. As always, the cheapest medication is the one you were able to avoid by eating well and exercising regularly.
- Understand how your Medicare Part D Prescription Drug plan works.
Get creative with you Part D plan search. Did you know that not every medication is cheaper through mail order? Some might be, but some may actually cost more because of shipping costs associated with bulky or heavy packaging. A hybrid approach of getting a couple medications at your local pharmacy while getting the rest by mail order — based on which outlet has the lowest out-of-pocket costs can really save you some cash. Make sure to look at your best plan options every year during open enrollment, Oct. 15 through Dec. 7.
If your clients have any questions about their Part D coverage, encourage them to give us a call at 1-877-385-8083.
