Medicare Part D coverages are designed to help offset some of the cost of expensive medications but not all of them. If an individual is taking certain name brand prescriptions these costs can be hundreds if not thousands of dollars each month. Part D coverages, outside of special enrollment periods can only be changed during the Annual Enrollment so people can be stuck with charges for the entire calendar year. There are several ways a person can potentially take advantage of to help reduce some of these high medication costs. Firstly, a person can ask about generic equivalents. Not all medications have a generic alternative but if they do, generics are usually significantly less expensive than their name brand counterparts. Secondly, if no generic is available they can ask the prescribing doctor if they have an samples of the name brand. These are provided at no cost and can negate some of the expensive co-pays associated with name brand prescriptions. Thirdly, a person can speak with the drug manufacturer directly. In some cases they can provide discounts or cost savings measurements for the medication. Fourthly, a client can compare the medication costs on the free app, GoodRx. This allows will show the price of the medication at all pharmacies within a specific zip code. Lastly, and this varies by location but there are special enrollment periods that occur throughout the year due to events like natural disasters. During these special enrollment periods clients have the potential ability to switch coverages and find a Part D that might lower their co-pays.
While prescription costs on Medicare Part D coverage can be expensive there are avenues that both clients and agents can take to bring down these high co-pays. Be sure to review all these options when discussing medication costs with your agent.