5 Ways Retirees Can Save on Prescription Drugs

Health care costs can be one of the largest expenses for retirees, causing many to file bankruptcy.

Here are some ways to save on prescription drugs:

Go with a Generic Version. Ask your doctor if there a generic version available. You can save as much as 30% by using the generic version. If there is not a generic version available, ask your doctor if there is an alternative available that is less expensive.

Buy your Drugs in Bulk: Buying in bulk can save up to 50%. Be sure to check expiration dates so your drugs do not expire before you use them.

Take Out a Medicare Part D Supplement Insurance Plan: The government offers a program to retirees to subsidize the cost of prescription drugs.

Shop Around for Your Prescriptions: Prices can vary a lot from one pharmacy to another. You can research online with price comparison tools or call a variety of pharmacies and ask how much they charge.

Ask Your Doctor About Splitting Your Pills: Your doctor can prescribe a higher dose that can be cut in half. This can save a lot of money. 

Seek Assistance: Prescription Assistance Programs, (PAPs), to help struggling retirees. The programs are typically sponsored by drug companies or state governments.