More than one in five adults age 65 and older reported not taking medications as prescribed due to cost, according to a 2023 study published in JAMA Network Open. As Medicare Part D costs continue to rise, older adults are feeling the financial strain. There are three options that could help alleviate some of these costs.
The first is switching to generic medications. Generic drugs are usually less expensive than brand-name drugs while being just as effective. Patients can talk to their doctors to see if there are generic alternatives to their current prescriptions.
The second option is Medicare Savings Programs (MSPs). MSPs help people with limited income and resources pay for some of their Medicare costs.
Managing Medicare medication costs
There are four levels of MSPs, each offering different amounts of assistance. By qualifying for one of these programs, people could get help with premiums, deductibles, and copayments. The third option is prescription assistance programs (PAPs).
Many drug companies offer PAPs that provide medications at low or no cost to people who meet certain criteria. Patients and caregivers can check with the makers of their medications to see if such programs are available. Some nonprofit organizations also offer grants or other aid to help cover medication costs.
Navigating Medicare can be hard, but these options provide potential ways to get more affordable medications. Beneficiaries should talk to their doctors and look into resources available to them to manage their medication costs effectively.
- TheTimes-Tribune.”3 Options That Could Help With Mounting Medicare Part D Costs”.
- NorthwestGeorgiaNews.”3 Options That Could Help With Mounting Medicare Part D Costs”.
- IslanderNews.”3 Options That Could Help With Mounting Medicare Part D Costs”.