Know the price of a drug before you go to the pharmacy
The cost of your prescriptions can change very frequently. It's best to “know before you go” so that you can better understand your healthcare costs.
Learn about cost-saving alternatives
Once you can easily access prices, there are many ways you can save money on your prescriptions. Is your drug on formulary? Have you priced generic alternatives? Have you looked up the prices of alternative drugs which treat the same condition but cost less? Have you looked at purchasing a higher dosage pill or a greater quantity, which may cost less on a per-dose basis? Have you looked at mail order pharmacy options?
All of these options can be easily compared by looking up a drug on GoodRx.com.
Can you beat your Medicare drug insurance co-pay?
Medicare's Part D and Advantage programs will bring down your drug costs, but they do not always offer the lowest prices. Many chain pharmacies offer membership clubs with low-cost generics. There are a variety of coupons and discounts available on GoodRx which can provide lower prices than your co-pay.
If your drug is not on your formulary, Medicare will provide limited coverage and you may want to explore the other options provided on GoodRx to bring down the cost of these drugs.
Avoid falling into the Medicare donut hole too soon
GoodRx and GoodRx Gold can be especially helpful if you have concerns about going into the donut hole too soon. You can use your Medicare plan for your more expensive brand drugs, and use GoodRx to purchase your less expensive generic medications. The cost of drugs purchased under GoodRx will not count against your coverage limit - thus keeping you out of the donut hole longer.
It's important to note that the amount you pay when using GoodRx does not automatically count towards your deductible or getting you out of the donut hole either.
If you are in the donut hole, and would like to use GoodRx, you may want to contact your insurance company to find out if you can submit receipts for prescriptions purchased using GoodRx. Many plans will allow you to submit receipts for potential reimbursement and/or credit towards your deductible and other policy limits.
Interested in learning more about how GoodRx can help you get the most out of your Medicare coverage? View our Medicare Guide here.