Don't Let Prescription Drug Costs Get you Down! Find Ways to Save Money

Today's seniors are living longer than ever and enjoying their golden years more than many ever thought possible. While this is unquestionably good news, it only underscores the importance of financial planning and household budgeting for this group. After all, most seniors are living on a fixed income.

If you're a senior citizen concerned with your household budget, you've come to the right place. The financial pros here at our consumer credit counseling service (CCCS) agency have helped thousands of seniors get back on track financially after costly prescriptions come their way. Below, we're going to list several money-saving ideas from the financial counselors here at CCCS. Most of the ideas we'll share below will require you to speak with insurance representatives, pharmacists, and of course your doctor. So, to begin, grab a pen and make a list of your regular medications and the dosages.

Senior Savings Strategies: Local Ideas

Your first step should be considering Medicare Part D if you're not currently enrolled. This is Medicare's prescription drug plan, for which everyone covered under Medicare is eligible. The program is not free; you'll pay monthly premiums. However, in the long run, it may be a wise decision for you if your prescription drugs are covered. Your doctor can provide some guidance in this area. And, you can contact Medicare with questions toll-free at (800) 633-4227.

Next, ask your doctor if affordable substitute medications might work for you if your current prescription is straining your household budget. If not, ask whether a generic version of the pill you need is available. We've also heard of cases in which doctors have given patients free samples of medication to use while they hunt for the best prescription drug coverage and/or pharmacy with better prices.

One benefit of being retired is that you're able to visit pharmacies during off-peak hours (usually during mornings or afternoons when others are at work). Use this time to visit numerous local pharmacies to conduct some price comparisons and potentially find ways to save money. (The staff won't mind spending some extra time with you when they're not so busy.) You may be surprised to see the differences charged by different pharmacies for the same drugs. Make a list of each pharmacy's prices for each drug you need and make your purchases accordingly.

Don't forget, while you're out, to visit the large "membership warehouse"-type places. Even if you're not a member, there's a federal law requiring these companies to offer prescription drugs to nonmembers.

As you know, those "membership warehouse" stores often make their money by selling bulk deals on merchandise. The same principle may be true for your prescriptions. If your prescription is for a long-term condition, ask your doctor if he or she can write the prescription for a longer-term so that you can save money by buying in bulk.

Another approach appropriate for some people is to have the doctor write prescription for double-strength pills (i.e., twice the dosage you need). Then, you would cut each pill in half before taking it. This approach does not work for all medicines like time-release medicine, but may offer a way to save for you.

If you're still having trouble with prescription drug costs after pursuing all of the above, ask your doctor if he or she knows of any other solutions such as state- or community-sponsored assistance programs.

Summary: Questions for Your Doctor

• Is there a cheaper alternative medicine available?
• Is there a generic version you can prescribe?
• Can you write me a prescription for a 90-day supply?
• Can you write me a prescription for a double-dose and I'll split the pill in half myself?
• Can you recommend a plan that covers what I need?
• Are there any state- or community-sponsored prescription assistance programs for seniors with financial difficulties?

Senior Money-Saving Strategies: Other Ideas

After taking care of all of your essentials, your leftover money is known as discretionary income. What you do with your discretionary income is certainly up to you. The key is knowing what money is truly extra and avoiding a situation in which you’ll accumulate unwanted debt.

Seek Professional Assistance

Mail Order and Internet Pharmacies. These days, you have more options than the local pharmacy or big-box retailer. Take advantage of the Internet and mail order companies that can offer steep discounts because of their enormous volume and low overhead. Not only do these options offer ways to save money, but they're highly convenient for those with difficulty leaving the home or getting to a pharmacy.

When dealing with an online or mail order company, you need to take steps to ensure that you're dealing with only reputable pharmacies. The best guidelines are to deal only with (1) U.S. based pharmacies and (2) those licensed by the state board of pharmacy within the state in which they're located. They should also have a licensed pharmacist on staff to answer questions and should require a prescription from your doctor before filling your order. You should also read their privacy policy to ensure that your information will not be misused.

Contact a Budgeting Professional. The debt management and household budgeting professionals at our consumer credit counseling service (CCCS) agency routinely help consumers with financial issues, some of which stem from high prescription drug costs. If you're struggling in this area (or if you're a family member of an elderly person you're helping), please don't hesitate to contact one of our certified credit counseling professionals.