One expensive prescription can add a substantial monthly bill to your retirement budget, even if you take only a few medications. When reviewing Medicare prescription drug coverage, look at what those medications are and what you would pay for each one. The number of prescriptions alone doesn't tell you enough.
Five or six medications can still mean a big expense
Some people aren't taking any medications. Others have a long list. But sometimes you're only on five or six medications, and one of those medications is going to throw you over the top.
That's why a prescription review needs to get specific. A low plan premium, the amount you pay to keep coverage, doesn't tell you what you'll spend at the pharmacy. And a plan that works well for a friend may handle your prescriptions differently.
For someone living on a retirement budget, an unexpected recurring expense can leave less room for other bills. It deserves a closer look before you choose coverage.
Can a $300 prescription cost less?
Here's the question I want to work through: Is it something that's going to cost us $200 a month or $300 a month, or can we figure out a way to make it cost $50 a month?
Those amounts are examples, not a quote or a promise of savings. The point is to check what options you actually have to mitigate the cost of that prescription.
As general guidance, a review should check whether the plan covers the exact medication, what you would pay at the pharmacy you use, and whether any coverage requirements apply. A formulary is the plan's list of covered drugs. Finding a drug on that list is a starting point, not the whole cost review.
If a different medication might be an option, that's a conversation with your prescriber. Don't stop or change a prescription based on a plan comparison alone.
What to bring to a prescription coverage review
Bring a current medication list with the exact names, doses, and how often you refill them. Include the pharmacy you use and your current coverage information, if you have it.
Ask for a review of expected prescription spending alongside the plan premium. Also ask whether costs could change during the year, rather than assuming every refill will cost the same.
I'm Bill Jurey in Lincoln, Nebraska. When we look at prescription drug coverage, I want to know what those medications are and what options we have to address the cost. Bring the whole list, even if it's short.
