How to Save Money on Prescription Drugs in Arizona

We’re all very well aware of the high costs of prescription medications. And with today’s rising cost of inflation, we’re all trying to find ways to save money. Today, we’re going to discuss a few ways you can save money on your prescription drugs in Arizona.

Switch to Generic Prescriptions

Name-brand medications are generally much more expensive than their generic counterparts. However, the Food and Drug Administration (FDA) requires that all generic drugs have the same components as the name-brand ones they’re aiming to replace. In addition, they must be administered the same way and have the same effects.

It’s not always possible to switch to a generic medication. But, you should have a conversation with your doctor to see if it might be possible for you. Switching to a generic version could save you thousands of dollars every year.

Drug Savings Programs

There are several helpful prescription drug savings programs available to people. GoodRx and Cost Plus Drugs are great examples of two programs that allow you to purchase prescriptions without insurance. Plus, residents in Arizona have their very own savings program, Arizona Rx Card. All three of these programs are completely free and do not require any membership fees.

Apply for Extra Help

Extra Help is a nationwide program that offers financial assistance to those who qualify. Eligibility is based on income, and the current threshold is 135% of the Federal Poverty Level (FPL). If you fall into that category, you will have help with your Part D premium and cost-sharing amounts. In addition, the Medicare coverage gap (or donut hole) won’t apply to you. Lastly, if you’re currently paying a late-enrollment penalty for Part D, it will be waived. 

The Inflation Reduction Act of 2022 is bringing changes to the Extra Help program.

Pharmaceutical Assistance Programs

Some pharmaceutical companies offer assistance programs for certain medications. This could include manufacturer discounts or coupons, which would allow the person to purchase the drug at a lower cost. Medicare.gov has a helpful section that allows users to enter the name of the prescription and see if there are any assistance programs available. 

Use Your Plan Effectively

Every Part D drug plan is different. If you’re not using yours effectively, you could be leaving money on the table! This is the easiest way to make sure you’re paying the lowest possible cost for your prescriptions.

Make sure you’re using a preferred pharmacy. Pharmacies can be either preferred, standard, or out-of-network. Preferred pharmacies give you the best pricing and lowest cost-sharing amounts. You may also find that your drugs are cheaper if you order them in a 90-day supply or if you order them by mail. 

Review Your Plan Annually

Last tip! If you are enrolled in Part D, make sure you have your plan reviewed each year during the Annual Enrollment Period (AEP). This happens annually from October 15 through December 7. Changes you make go into effect on January 1.

The reason AEP is so important is that Part D plans often change. There could be changes to your premium, deductible, coinsurance amounts, drug formulary, and pharmacy network. Plus, your prescription needs might have changed throughout the year. It’s always worth having the changes reviewed to see if there is a better Part D plan for you.

The Annual Enrollment Period is right around the corner. You will receive your current plan’s Annual Notice of Change (ANOC) in the mail sometime in September. This will outline the changes coming to your plan and will help you determine if you need to switch plans. 

Regardless, you should speak with Local Medicare Specialists about your Part D plan and chat with us about how to save money on your prescriptions. We’ll make sure you’re enrolled in the right plan and have all the resources you need to reduce prescription costs.