Forex Articles

Many retirees struggle to cover the costs of prescription drugs – and for a valid reason: In just seven years the average annual cost doubled from $5,571 to a whopping $11,341, according to the latest study of price trends for widely used drugs conducted by AARP. Even worse, these prices continue to increase and show no signs of letting up in the years to come.

To soften the blow, retirees have resorted to generics, which are a viable option to help cut costs. However, low profit margins and drug maker mergers have resulted in hefty price hikes. In fact, pharmaceutical giants, such as Turing Pharmaceuticals and Valeant Pharmaceuticals International, acquired the rights to several generics and notoriously raised their retail prices to an exorbitant rate. Furthermore, the recent acceleration in overall prescription drug price growth could be an indication that [seniors] can no longer rely on lower-priced generics to counterbalance the price trends seen in the brand name and specialty prescription drug markets, says AARP. (For more, see How Does the Role of Medicare/Medicaid Affect the Drugs Sector in the U.S.?)

Beyond generics, here are some ways for retirees to keep drug prices down.

Don't settle for the first price your preferred pharmacy offers you. Reach out to other pharmacies that accept your insurance to confirm that you're actually getting the best deal on your prescription drugs. You can also use websites, such as LowestMed, GoodRx, PharmacyChecker and WeRx, to compare prices, find valuable coupons and print discount cards.

Online pharmacies also may offer great deals on prescription drugs. Just make sure the pharmacy is accredited. The National Association of Boards of Pharmacy says that the safest way to purchase drugs online is through pharmacies accredited by the VIPPS or Vet-VIPPS programs. Otherwise, the website adds, you risk doing business with a pharmacy that is not in compliance with state and federal laws and regulations.

You may qualify for financial assistance through the Medicare Extra Help Program if you meet the following criteria:

• Income: $17,820 (single), $24,030 (married couple)

• Res: $13,640 (single), $27,250 (married couple)

If you are ineligible, call your local State Health Insurance Assistance Program (SHIP), Elder Care or Medicare office. A representative should be able to provide you with a list of other options at the state or local level.

Retired veterans are eligible for prescription drug coverage through the U.S. Department of Veterans Affairs. Medications that are connected to injuries sustained while serving are typically offered free of charge, notes VA.org. However, all other prescription drugs are subject to a co-payment for each 30-day supply and must be obtained through a VA provider unless certain specific criteria are met.

Prescription discount cards are ideal for retirees who do not have insurance, but they could save you money even if you have Medicare Part D or some other form of coverage. Although many price-comparison websites offer discount cards, your doctor or pharmacist may know of other prescription drug discount programs that can help lower costs. Be sure to inquire prior to filling your next prescription.

Do you need just a small dosage of a specific drug? As a last resort you can ask your doctor for some of the samples left behind by the pharmaceutical representative. This will enable you to reduce the amount you need to purchase – or in some cases skip the costly prescription altogether.

The rising costs of prescription drugs are making it harder for retirees to afford the medication they need. However, there are several options, beyond generics, that can provide some form of financial relief or help make drug costs more affordable. (For more, see 6 Ways Retirees Can Save on Prescription Drugs.)