By choosing the best Medicare Part D prescription drug plan and understanding the benefits, you can potentially save hundreds of dollars each year for you or your loved one. This may be especially true if you are paying for a number of medications or take high-cost prescriptions. Thanks to agreements between Part D plan providers and pharmacies, you may be able to get each refill for less.
Obtaining Preferred Pharmacy Plans
As of February 2014, three out of four older adults who enroll in a Medicare Part D plan choose one with a preferred pharmacy network, according to a study published by the Pharmaceutical Care Management Association. When a Medicare Part D plan member fills his prescriptions at a preferred pharmacy, the out-of-pocket costs are lower than they would be at another pharmacy.
This means that if a senior you care for has a prescription drug plan, there is a 75 percent chance that it offers discounts on medications simply by you choosing the right pharmacy. Finding out if this option is available is as simple as calling the plan provider.
Savings with Preferred Pharmacy Plans
Medicare Part D plan providers reach agreements with pharmacies across the country, and contracts are signed promising plan members discounts at those pharmacies. According to the Centers for Medicare & Medicaid Services, seniors can save significantly on their copayments or coinsurance thanks to these plans. Some pharmacies advertise no copays on some prescriptions, while others may be as low as $1 or $2.
Chances are a preferred pharmacy is in your area. Many plans utilize large chain pharmacies, while others offer both local and mail-order options. The plan provider should be able to advise you of which pharmacies in your neighborhood are in the network.
The Importance of Saving Money on Medications
Paying for healthcare as you age is stressful and something that almost everyone worries about at some point. When you find yourself caring for a loved one, the stress is not only about your own health, but about his as well. Choosing a Medicare Part D plan with preferred pharmacy options is just one way to save money.
As a caregiver, you may also find that you’re paying out of your pocket for some of your loved one’s medical care. Saving money where you can allows you to spend more on other things, including activities with your family. If you’re interested in other ways to reduce your out-of-pocket costs for prescription medications, Medicare.gov offers a number of other suggestions as well.
Investing in the right Medicare Part D plan benefits both your loved one’s health and your wallet. A plan that offers a preferred network of pharmacies can save you a lot of money each year. If you don’t already take advantage of this feature, consider calling your loved one’s plan provider today to learn more about her potential preferred pharmacy savings.