Commonly Asked Questions Regarding Drug Discount Cards

Commonly Asked Questions Regarding Drug Discount Cards
Medicare

According to recent data, 46% of the population utilizes at least one prescription medicine per month. With that figure in mind, it's only logical to ponder how to save money on medicare as efficiently as possible. You might be wondering, "What is a drug discount card?" When should I put it to use? Is it possible to combine a prescription discount card with Medicare Part D? Medicare Service is here to answer your inquiries as usual.

Medicare Part D is the best option for seniors who want to pay for medication while also protecting their assets. In some situations, a prescription discount card, in addition to Part D, can help you save money. Below, we'll explain why and how.

 

What are Prescription Drug Discount Cards and how do they work?

A prescription discount card entitles you to a reduced price on your drugs. Most credit card companies include an app that allows you to search for the best pricing at local pharmacies. Simply show the app or your discount card to the pharmacists, and they will apply the discount right away.

It is not insurance, unlike Medicare Part D, and you cannot use it in conjunction with other insurance. It won't help you avoid Medicare Part D penalties, and most discount cards won't help you save money on particularly pricey medications.

The best part about medicine discount cards is that they are completely free of charge. You don't have to pay anything to use them, that's right. It's as simple as signing up and saving. It does not have a monthly price (referred to as a premium) or any deductibles to pay. Discounts can be substantial. Some retailers offer discounts of up to 80% off retail prices!

 

Also Read: How to Optimize Your Medicare Prescription Drug Plan

 

Discount cards are not equivalent to insurance.

Prescription drug coverage is provided through Medicare Part D, however, discount cards are not. In exchange for a monthly payment of roughly $35, Part D lowers your drug expenditures.

Each Part D plan includes a formulary that lists the drugs that are covered, therefore the best Part D plan for you is based on the medications you use. *Medicare Service can assist you in learning more about Medicare Part D and enrolling in it.

While Medicare Part D insurance is not always less expensive than a discount card, it does a better job of preserving your assets and avoiding Medicare penalties. If you take a lot of pricey prescription medication, Part D may cover up to 95% of your costs. This is why you buy insurance in the first place! All of our clients should enroll in Medicare Part D, as well as have a Medicare Discount Card.

 

 

 

When Should You Use a Discount Card for Prescription Drugs?

The most important thing to understand is that when you use a discount card instead of Part D insurance, the money you spend on discounted medication does not count toward your deductible or gap limits. This may save you money in the short term, but it will cost you a lot in the long run.

However, there are a few circumstances in which you should utilize your Prescription Discount Card instead of your Medicare Part D Insurance.

Your Part D copay is higher than it would be if you used a discount card: Even if it does not count toward your deductible, if you have a $20 Part D payment and can obtain the same prescription for $5 by utilizing a discount card, you may want to consider it.

You know you won't meet your deductible: if your deductible is really high and you know you won't buy enough medicines to trigger your insurance, the discount card is the best option.

Your medicine isn't on the formulary of your Part D plan. If your insurance company does not cover your prescribed medication, now is the best moment to use a discount card. This can often result in a significant reduction in the price you pay at the pharmacy for your uninsured medication.

You know you won't make it to catastrophic coverage: the final level of Medicare Part D is known as "Catastrophic Coverage," and it requires you to pay only 5% of your drug costs. If you won't meet these criteria but can save a lot of money on a drug by utilizing a card, this might be your best alternative.

 

Final thoughts

Part D is the best option. In addition to Medicare Part D, a free prescription discount card is a better option. It can be difficult to decide whether to utilize a discount card or Part D. If you'd like to learn more, please contact us at (844) 731-6614

 

 

 

Related Posts

Commonly Asked Questions Regarding Drug Discount Cards

Sat, Oct 17, 2020 12:46 AM

medicare service
Does Medicare Pay for Home Health Care?

Medicare is covered only by home health care services prescribed by a physician and delivered by qualified nurses, although patients must meet strict eligibility criteria.

Commonly Asked Questions Regarding Drug Discount Cards

Mon, Oct 19, 2020 5:16 PM

medicare service
Easiest Way to Apply For Medicare

What is the easiest way to apply for Medicare? Well, you are in the right place! Most people were automatically enrolled and became eligible for Social Security when they turn to 65. We didn't need to apply for Medicare until President Reagan signed the legislation which raises the retirement age in 1983 and begins in 2003.

Commonly Asked Questions Regarding Drug Discount Cards

Mon, Oct 19, 2020 6:54 PM

medicare service
Can You Claim Prescription Glasses on Medicare?

While eye care is a common need as we age, Medicare coverage is extremely restricted for most vision services. It is normally based on whether you encounter any medical problems that can impair your eyesight. 

Commonly Asked Questions Regarding Drug Discount Cards

Tue, Oct 20, 2020 11:53 PM

medicare service
What will it Cost You When you Join Medicare?

Many people believe that Medicare is free because, for much of their working life, you have paid into Medicare by taxes, but that assumption is not right.

Commonly Asked Questions Regarding Drug Discount Cards

Fri, Oct 23, 2020 8:44 PM

Medicare Part C
Guide: Medicare Advantage 101

For those who are willing to sign up for Medicare, Medicare Advantage, also known as "Medicare Part C," is more of a catch-all option. Medicare Advantage services