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Tips & Tricks: Ways to save at the pharmacy. 

Each year Medicare beneficiaries who have taken Medicare Part D coverage will elect Prescription Drug Plans and Medicare Advantage plans to ensure they are getting the best cost for their prescription drugs. This is incredibly important because plans make changes each year to the prescription drug formulary that can potentially increase a beneficiary’s out-of-pocket costs.   

Generally, plans have a formulary process in which they determine tiers and the classification of a drug. The lower the tier, the lower the cost to the member. Plans contract with a network of preferred pharmacies in which you can visit to receive preferred cost share.  

So, what is the commotion about these new innovative companies that promise prescription savings in the palm of your hand? Companies such as GoodRx and Singlecare offer online and phone app-based platforms that offer savings on prescriptions. These discount programs have been widely advertised and leave consumers questioning how they can utilize the services. 

The premise of these companies is they provide an online platform is which you can compare prices and find discounts on drugs at thousands of pharmacies. It allows you to search the drug name and filter by form, dosage and quantity. Once results filter the best available price, you can text, email, or print the coupon to bring to the selected pharmacy. 

These companies also can offer discount cards that you can request to receive in the mail. The card can be presented at your pharmacy to check to see if there is a discounted rate on your drug. However, these are not to be confused as an insurance card, and your insurance will often still have a better contracted co-pay for your prescription.  

It is important to note that companies such as GoodRX and Singlecare do not work with your insurance. It works as a separate tool in your toolbox to find savings. Meaning you can compare a drug’s cost on these sites and the co-pay you would pay for insurance to utilize the cheaper option. If you buy the drug using the discount coupon, you are not contributing to your plan’s deductible or true out-pocket-cost or the year. Your selected drug plan is not obligated to reimburse the co-payment amount paid on the prescription either.  

If you have questions on how to best maximize drug savings, it is always recommended to check with a licensed insurance specialist to help you navigate the tools available and ensure you understand the out-of-pocket costs.  

As the world changes, so do innovations in how a consumer interacts with their pharmacy. Trust in your local agents at VibrantUSA to help you navigate the complexities and watch out for your financial interest! Call an agent at 866-733-5111 for more information. 


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