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RX Costs Are on the Rise

The rising costs of prescriptions are a serious issue for many people. Each client that we work with is very aware of their current expense and realizes that a new medication could be needed at any time. Xarelto is a popular medication. Goodrx.com indicates that a 30-day supply of 20mg tablets will cost between $515 and $544. And that is the price after applying the GoodRx discount. Another popular prescription is Restasis. A package of 60 vials of the eye drops ranges in price on GoodRx from $213 to $561. A carton of 4 pens of Trulicity injections is $771 on GoodRx.

We frequently are asked how a Medicare beneficiary can lower RX costs. Here are some tips:

  • Whenever possible, use generic drugs instead of brand-name drugs.
  • Be certain that your pharmacy is a “preferred” pharmacy for the prescription drug benefit that you have.
  • Review the mail-order options on your prescription drug benefits.
  • Ask your pharmacist to check all available options. There may be discount programs available that a Medicare beneficiary can use.
  • Pharmaceutical manufacturers frequently offer discount programs on expensive medications. Many times, these discounts are not available to someone that is enrolled in Medicare. You can at least find out if one is available.
  • Some drug manufacturers also offer Pharmaceutical Assistance Programs to help with the costs and Medicare beneficiaries are not excluded from eligibility. These programs may be based on financial needs. Use this LINK to search for programs that are offered for the medications that you use.

MEDICARE RXs AND THE DONUT HOLE

Medicare beneficiaries typically do not have to pay these costs for their medications. Your prescription drug benefits will discount the cost. However, these expensive drugs frequently require payment of a deductible on your first purchase of the medicine which can be as much as $480. The high cost of the medicine will also result in getting to the “donut hole” on your drug plan where you will be charged 25% of the retail cost. For more information about the “donut hole”, you can read more by clicking on the button below.

“DONUT HOLE” EXPLANATION

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