Most seniors are on a number of medications. Whether they are needed and whether they should continue to be on all of them is another topic of conversation. Today, the discussion is about how to be a prudent medication shopper. As per the FDA, seniors comprise 13% of the population, but they consume 40% of the prescriptions and 35% of the over the counter medications. Over the counter medications are not covered by Medicare or most health plans so the actual cost of these prescriptions come directly out of the pocket of the senior.
There are several ways to be a smart medications shopper as a senior. Here are some handy hints
1. Sign up for Part D Medicare when you are eligible. If you delay, there is an additional charge. While Part D may not cover all of your prescriptions, it is certainly helpful in all cases even if you take more expensive drugs.
2. The FDA estimates that 15% to 25% of drugs that are administered to seniors are not necessary or are inappropriate. Be your own best advocate. Ask why you are taking a medication? Is there a non chemical way to alleviate the symptoms? If the symptoms are not critical to your quality of life and safety, do you need the medication? Just because you have been on a medication for an extended period of time does not mean that you may still need it or still need it at the dose you are taking.
3. If you are starting a new medication, ask the healthcare provider to order a limited number pills as a cost savings. It may be that the dose will change, the medication will not be effective, the medication may have side effects or you may not actually need it. Why pay for a 30 to 90 days of medication when it will go to waste?
4. Ask your physician if there is a generic drug for your use. Most generics are comparable to name brand drugs and can save thousands of dollars a year.
5. Do not go to your physician and ask for the newest drug you saw in an advertisement. These are brand name drugs and will be costly. If they are new to the market, they have not been taken by seniors and you do not want to be the guinea pig to test the effectiveness in seniors.
6. Ask your healthcare provider to look at the cost of the drug before they order it. Most physicians do not have a clue about the cost of medications. There may be less expensive medications that are just as effective. And, as a secondary benefit you have helped your healthcare provider to be more sensitive to drug costs.
Medications are an important element of the healthcare tool set. However, they may be one of the most expensive. Always question your healthcare provider about the indication for the medication, their clinical rationale for the prescription and for less expensive alternatives. Unused medications sitting in the medicine cabinet are expensive and can be dangerous.
If you have questions regarding your medications and need further information about how you can save even more money, please contact me.