Tip #297- New Year. New Health Plan? New Pharmacy Benefit?

There’s a good chance you’re starting the year with new health coverage; maybe your new insurer uses a different pharmacy benefit manager (PBM). Or you have a new Part D drug plan.

So now might be a good time to do a little homework.

First, check your insurer’s formulary. That’s their list of prescription drugs, both generic and brand name, that offer the greatest overall value.  Choosing generic over brand-name drugs can save you as much as 90 percent in some cases. Often your pharmacist can suggest lower cost alternatives you can then discuss with your physician.But you have to ask!

Are there times when you might be better off paying cash for prescriptions? Many chain and big-box stores offer hundreds of common generics at prices as low as $4 for a 30-day supply and $10 for a 90-day supply. Keep in mind that when you bypass your insurance, money spent on medications won’t count toward your deductible or out-of-pocket maximums.

Let me know if you’ve discovered any ‘tricks’ for lowering your prescription drug costs. I’d be happy to pass them along.