Prescription Drug Coverage

Prescription drug costs continue to be a concern for many people — in fact, the vast majority of Americans believe the cost of prescription drugs is unreasonable. 

You can get prescription drug coverage in two ways:

  • Through a separate stand-alone Part D plan, which works with Original Medicare and Medicare Supplement Insurance plans.
  • A Medicare Advantage plan with prescription drug coverage, for an “all-in-one” package that can be a great way to help keep your prescription costs in check.

Three simple tips to help you get the most out of your coverage

1. Consider home delivery

Check to see if your plan has mail-order pharmacy benefits – if it does, this can be a great way to save money and a trip to the pharmacy. Through ordering a three-month refill on medications, you may get a discount on your prescriptions and the added convenience of having your drugs come to you.

2. Consider generics or preferred formulary alternatives

Prescription drugs are typically sorted into several tiers on the health plan’s list of covered drugs, known as a formulary, with generic or lower-tier drugs typically costing less than drugs on higher tiers. You also have the power to ask your prescribing provider whether more affordable alternatives are available, such as a generic or a drug on a lower tier of your plan’s formulary. Also ask your pharmacy to price expensive meds through other means such as goodrx.com or other discount plan they have access to. Another option is to look at online sources such as healthwarehouse.com. 

3. Check to see if your plan offers other savings opportunities

It’s never a bad idea to simply call your health plan, or your insurance agent, to see if there are other ways to save that might not be on your radar. For example, if you like visiting the pharmacy rather than using a mail-order service, you should check to see if your plan has a preferred pharmacy network, which means you can get your drugs at a lower copay when you visit a preferred pharmacy.

The prescription drug landscape can seem complex. But there is help available. Call the number on the back of your member ID card and ask about your plan’s coverage. Within the member portal that enables members to compare drug prices, manage refills and have orders delivered to their home or picked up at a convenient pharmacy.

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