In the United States, surveys have shown that adults above the age of 65, tend to consume around 14 to 18 prescription drugs each year. The bad news is that prescription drug costs are on the rise, and have been increasing annually, which places a huge financial strain on your loved ones. In fact, over a five-year period, the 20 most common prescription drugs have seen their prices increase at a rate that’s more than 10 times the annual inflation rate. Even if you or your loved ones can afford such prices, there’s no denying that high prescription drug costs can be immensely stressful. Fortunately, there are ways to cut costs when it comes to purchasing prescription drugs, and this can allow your loved ones to save thousands of dollars. To find out more about acquiring affordable medication, continue reading.
Change to Generic Prescription Drugs
We understand that brand name prescription drugs may seem more reliable and reputable, but generic drugs perform just as well and at a lower cost. However, we do recommend that your loved ones seek advice from their doctors, before switching from brand name prescription drugs to generic ones. The thing is, generic prescription drugs are legally required by the United States Food and Drug Administration to be of the same quality and performance as their brand name counterparts, though there may be slight differences between the two. These differences could potentially affect your loved ones’ health in other ways, so always consult with medical personnel first.
Try out a Mail-Order Pharmacy
A mail-order pharmacy provides convenience by delivering the medication straight to your loved ones’ home. This means that your loved ones do not have to leave the house and locate a nearby pharmacy to retrieve their prescription. This is particularly useful for loved ones who aren’t as physically mobile or live in isolated areas. In general, your loved ones may get a better deal by purchasing through mail-order pharmacies as they offer monthly supplies. For example, the prescription drugs may come in a three-month package. What’s more, since your loved ones no longer need to head down to the pharmacy, they can save up on travelling time and fuel costs.
Join the Extra Help Program
The Extra Help program is provided by Social Security to assist lower income older adults who face troubles paying their Medicare prescription drugs costs. There are several conditions that your loved ones must be diagnosed with, in order to qualify for the Extra Help program, including having combined assets of no more than $14,790, have an annual income of less than $19,320 as an individual or $26,130 as a couple, and under Medicare Part A or B. However, it really depends on a case-by-case basis, so your loved ones should contact Social Security directly to apply.
Seek Help from State Programs
On a state level, there are some states that offer the State Pharmaceutical Assistance Program, which helps residents living in that specific state to pay for their prescription drugs. Do note that each program works differently, so you and your loved ones should do ample research either online or by calling the relevant offices.