This one trick can help retirees save big on prescription drug costs

by Kimberly Blanton

At Squared Away, a blog published by the Center for Retirement Research at Boston College, we asked Mohamed A. Jalloh in Napa, Calif., to guide consumers on how to reduce their costs. He is a pharmacist, assistant professor at the Touro University California College of Pharmacy, and a spokesman for the American Pharmacists Association.

Squared Away: How can retirees access their option to pay a cash price for a prescription if it is lower than their Part D or Medicare Advantage plan copayment?

Mohamed Jalloh: The big picture is that elderly patients should work with a pharmacist to see if they can get a better deal. If you process a prescription through your insurance — whether under an employer’s health insurance or Medicare drug coverage — the price may be higher than paying straight cash for the medication. Anyone can do this. But I imagine it helps seniors the most because they’re the ones taking the most medications.

Read more