Savvy Living

"What tips can you recommend to help me save on my drug costs? I'm 62 years old and currently take six different prescription medications that I can barely afford."

There are actually a variety of ways you can reduce your medication costs without cutting quality but you'll need to take a proactive approach. The following tips can also help seniors with a Medicare prescription drug plan avoid the "donut hole" coverage gap or reduce their costs once they reach it. Here are some cost-cutting strategies to try.

Check your insurance: If you have drug coverage, your first step is to find out what your plan does and doesn't cover. You can do this by visiting the insurer's website or by calling their 800 number on the back of your insurance card. Once you have this information, share it with your doctor so (if possible) he or she can prescribe medications that are best covered by your plan. You should also ask if your insurer has a mail-order service. This could help you purchase your medications for 20 to 40% less.

Talk to your doctor or pharmacist: Find out if the medications you're taking are available in a generic form or a less expensive brand-name drug. You can also look this up online at sites like destinationrx.com. About 75% of all premium drugs on the market today have lower-cost alternatives. Switching could save you between 20 to 90%. Many chains like Wal-Mart, Target, Costco, Kmart, CVS, Walgreens and Kroger sell hundreds of generics for as little as $4 for a 30-day supply and $10 for a 90-day supply.

Another cost-cutter is to buy your medications in bulk. Many pharmacies give discounts if you buy a three-month supply of drugs versus a 30-day supply. Also, find out if the pills you're taking can be cut in half. Pill splitting allows you to get two months worth of medicine for the price of one. (You should only cut pills if you have first talked to your doctor and you have his permission. Doing this without consulting with your doctor can be dangerous).

Shop around: Drug prices can vary from drugstore to drugstore so it's definitely worth your time to compare prices at the different pharmacies in your area. Using U.S.-based online pharmacies are another way to save 25% or more. Drugstore.com and familymeds.com are two good sites that provide solid savings but there are dozens to choose from. If you opt for an online pharmacy, be sure you purchase from ones that have the "VIPPS" seal of approval (see vipps.info) from the National Association of Board of Pharmacy. Seniors enrolled in a Medicare prescription drug plan also need to make sure the online pharmacy they're buying from is included in their network. Otherwise, the purchase may not count toward their deductible.

Get a discount card: Many pharmacies have free or low-cost discount card programs that will let you buy generics for $4 or qualify for steeper discounts on other drugs. Other drug card programs worth a look include togetherrxaccess.com, rxsavingsplus.com, yourrxcard.com, rxfreecard.com, pscard.com and familywize.com.

Search for drug assistance programs: If your income is limited, you can probably get help through drug assistance programs offered through pharmaceutical companies, government agencies and charitable organizations. To find these types of programs use benefitscheckup.org, a comprehensive website, that lets you easily locate the programs you're eligible for and will show you how to apply.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Senior" book. The articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070.