Saving on Prescription Medications: Practical Options

Paying for prescriptions is a significant expense for many older adults. The good news is that there are often ways to lower costs without compromising your care. The most important rule: talk with your doctor or pharmacist before making any change to how you take your medications.

Ask about generics

Generic drugs contain the same active ingredients as brand-name drugs and must meet FDA standards for quality and effectiveness. They often cost much less. Ask your doctor or pharmacist:

• Is there a generic version of this drug?
• Is there a lower-cost alternative in the same drug class that would work for me?

Review your medications regularly

Ask your doctor or pharmacist to review all your medications at least once a year, or whenever you start something new. Sometimes a medication is no longer needed, or two drugs can be replaced by one. Medicare Part D plans offer Medication Therapy Management for some members, which includes a comprehensive medication review.

Compare pharmacy prices

Prices for the same drug can vary from pharmacy to pharmacy. If you have Part D coverage:

• Check whether your plan has preferred pharmacies with lower copays.
• Ask about mail-order options.
• Use the Medicare Plan Finder to compare drug costs at different pharmacies.

If you pay out of pocket for some drugs, call several pharmacies to compare cash prices. Some discount programs and online pharmacies list prices publicly. If you use a discount card instead of insurance, the purchase may not count toward your Part D deductible or out-of-pocket cap, so compare carefully.

Consider a 90-day supply

For medications you take regularly, a 90-day supply may cost less than three 30-day fills. It also means fewer trips to the pharmacy.

Take advantage of Medicare protections

If you have Medicare Part D:

• The annual out-of-pocket cap for covered drugs is $2,100 in 2026.
• The Medicare Prescription Payment Plan lets you spread out-of-pocket costs into monthly payments.
• Covered insulin costs are capped at $35 for a month's supply.
• Review your plan each fall during Open Enrollment, since formularies and costs change.

Check eligibility for Extra Help

Extra Help is a federal program that lowers Part D premiums, deductibles and copays for people with limited income and resources. Many people who qualify do not apply. You can apply through Social Security at ssa.gov or 1-800-772-1213.

State and manufacturer programs

• State Pharmaceutical Assistance Programs (SPAPs): some states help residents pay for prescriptions.
• Manufacturer patient assistance programs: many drug companies offer free or low-cost medications to people who meet income requirements. Your doctor's office can often help you apply.
• Nonprofit organizations: some help with costs for specific conditions.

Ask for exceptions

If your Part D plan does not cover a drug you need, or places it on a high-cost tier, your doctor can request a coverage exception or tiering exception. Ask your plan how to file.

Safety first

• Do not split pills unless your doctor or pharmacist says it is safe for that medication.
• Do not skip doses or stretch prescriptions to save money. Tell your doctor if cost is a problem; they may have solutions.
• Be cautious with online pharmacies. Use pharmacies that require a prescription and are licensed in the U.S. The FDA offers guidance on buying medicine safely online.
• Be wary of importing drugs from outside the U.S., which may not meet FDA standards.

Get help

Your State Health Insurance Assistance Program (SHIP) can help you compare Part D plans and apply for Extra Help at no cost.

Terrameritavi is an independent publication. This article is general information, not medical advice.