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When enrolling in Medicare, it’s important for seniors to consider enrolling in a Medicare Part D prescription drug plan. Having a Part D plan ensures you will have coverage for the high cost of the prescription drugs that you may need to take each day.
In addition to Medicare Part D, you might find extra savings through using a GoodRx discount. According to GoodRx, if your Medicare copayment is higher than $12.87, you might save money on your prescription drugs by using their coupon instead of your Part D benefits.
What Is GoodRx?
GoodRx is a program that allows its users to save large amounts of money on their prescription drugs. For example, for some drugs, one person might be able to save more than 80% than the price they would have had to pay without the GoodRx discount.
Because the costs of prescription drugs are not regulated, the costs may differ from pharmacy to pharmacy. Medicare may or may not help cover these differences in costs, but you still might end up paying different costs in different locations for the same prescription drug.
GoodRx takes all available discounts for the drug that you need to help you find the lowest cost for your drugs. GoodRx claims that the average customer saves $276 each year on their prescription medications through their program.
The best part about GoodRx is that it’s absolutely free for its users.
GoodRx and Medicare
With Medicare Part D, you will typically have to pay a copayment for your prescription drugs. With GoodRx, you can manage your prescription drug costs by finding prices that are lower than your usual copayment. According to the company, their savings beat insurance copayments about 40% of the time. Additionally, if there is a drug that Part D will not cover, or if you cannot afford your prescription because you must first pay a high deductible, GoodRx might help lower the costs so you don’t have to stress about the expense.
While you can use GoodRx while having Medicare, it is important to remember that GoodRx can’t be combined with Medicare. You will typically only use the GoodRx discount if the cost of the medications will be lower than the copayment you would pay with Part D.
When using GoodRx, you must ask your pharmacist to not run the prescription through Medicare as the would normally do. This will cause issues while processing the costs, as you can’t use GoodRx to discount the Medicare copayment.
If you choose to use GoodRx for your prescription medications instead of going through your Part D coverage, the amount that you pay for your drugs will not be applied automatically toward your deductible. You can, however, contact Medicare to see if you can submit receipts for the drugs you get using GoodRx. You may potentially get reimbursed for these medications.
GoodRx & Medicare Part D Copay
GoodRx makes it easy for Medicare beneficiaries to check their copay for all of their prescription medications. Using this tool, you can enter the drugs you are taking and find your Medicare Part D copay. It will let you select your specific plan and see the amount you’ll pay for the drug in all coverage states, including your deductible, the typical copayment, during the Donut Hole, and post-Donut Hole.
The tool will also show you how much you could potentially save using a GoodRx coupon. You can compare these prices, and from there, you can determine if you want to use your Part D for your prescription drugs or a GoodRx coupon.
Part D Coverage of Drugs
While you can use these coupons for your drugs, we still recommend that you have a Part D plan in case Medicare can provide the best benefits and coverage for your prescription drugs. To enroll in Part D, you can use our simple guide, or call Medicare.