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When you know the top ten ways to avoid the Part D donut hole, you give yourself an opportunity to save some money. Not all of these options will work for everyone. But, even if only one of these options helps, that’s more money in your wallet than before.
Ten Unique Ways to Avoid the Part D Donut Hole
The top ten ways you can avoid the donut hole include:
- Compare Drug Plans Annually
- Consider Lifestyle Changes
- Use Generics When Possible
- Compare Pharmacies
- Price Check Drugs Online
- Save with a Mail Order Pharmacy
- Ask About Drug Manufacturer’s Coupons
- Pharmaceutical Assistance Programs
- National and Community-based Charities
- Consider Applying for Extra Help
Every year during the Annual Enrollment Period you have the chance to change your coverage. Sure, you don’t HAVE to change plans. But, it’s beneficial to at least compare your options. Besides, plan benefits change yearly and you want to know you’re saving the most money.
A simple trip to the doctor could mean huge savings. Talk to your doctor about ways you can improve your health as well as medications you could come off of if those conditions improved. Also, depending on the policy you have, a gym membership may be included in your coverage!
Brand name co-payments can be much higher than the generic counterpart. Also, the retail cost is the cost that applies to the donut hole. So, even if you’re only paying $40, if the total cost of the medication is $200, then $200 goes towards the amount that puts you in the donut hole. Now, some generics with select policies are as low as $0 and many have a small retail cost. Talk to your doctor about switching to the generic version of your medication.
The same medication can vary in cost at different pharmacies. It’s in your best interest to go either select a plan that works well with your pharmacy or change your pharmacy to one that works best with your policy. If you work with an agent, they can help you find the best pharmacy and policy combination for you.
One of the easiest ways to avoid the Part D donut hole is to price check your drugs online using GoodRx. While this won’t save you money on every medication, a couple of bucks is a couple of bucks. Medications you buy with GoodRx prices won’t be applied to your Medicare. So any medications that are cheaper without insurance, you’ll save in two different ways. First, you save on the upfront costs of the medication, and second, those medication costs won’t go towards the donut hole.
Some Part D plans have a Mail Order Pharmacy that gives you a discount on our medications. The best part, you don’t even have to leave your house. Medications shipped right to your door are quid pro quo; save on your prescriptions, and save on gas money.
Occasionally you’ll find a pharmaceutical company offers a discount to consumers. Although, drug manufacturer’s coupons are mostly found available for brand-name and specialty tier drugs. Talk to your doctor about discounts that could be available for your prescriptions or search online for the drug manufacturer’s website.
The goal of a Pharmaceutical Assistance Program is to provide financial assistance to patients that need medications for little or no cost. These programs are mostly sponsored by pharmaceutical manufacturers, which consider this program to be a safety net for Americans that are underinsured or uninsured. Also, some of these programs can help you pay for prescriptions even when you have Part D.
The National Council on Aging has a Benefits Checkup that goes over Part D, how to find extra benefits, and how to apply for Extra Help. But, there are several national and community charities that can help you with the cost of your mediations. Also, the State Pharmaceutical Assistance Program may have options to help you cover the cost of premiums and copayments.
Finally, those with low-income should apply for Extra Help. If eligible, Extra Help will help pay premiums, copayments, and coinsurances on medications. Further, there is no donut hole for those receiving assistance.
How to Avoid the Part D Donut Hole
We did a lot of research to find the top ten ways to avoid the Part D donut hole, we hope this helps you save some money on prescriptions. Our goal here is to help you get the best Medicare coverage for your situation. Also, we can identify the lowest-cost Part D plan and supplemental insurance. To learn more call us at the number above. Or, fill out the online rate form to see rates in your area now!