3 Signs Your Senior Parent Is Paying Too Much For Prescription Medication

If you have a parent who is considered a senior citizen, you could have your concerns about him or her. For example, you could be worried that your parent is spending a lot of money on prescription medication, particularly if he or she takes a lot of medicine. A few signs that your parent might be paying too much have been listed here.

1. Your Parent Always Buys Name Brand Medication

For one thing, some people think that name brand medication is better than generic medication. However, the government requires generic medication to work in the same way and provide the same benefits as name brand medication. Therefore, your parent can get the same medication for much less by switching to generics. If your senior parent has not done so yet, let him or her know that it's a good idea to ask the doctor and pharmacist about generic options when possible. A lot of money can be saved by making this simple switch, although not all medications have a generic version.

2. Your Parent Doesn't Have Medicare Part D

If your parent is on Medicare but does not have Medicare Part D, then this is something worth looking into. Medicare Part D is affordable and can help provide a lot of coverage for prescription drug costs. Consider encouraging your parent to sign up for one of these plans in order to save a lot of money.

3. Your Parent Never Shops Around for Lower Pricing

Even with Medicare Part D, your parent still has to pay some of the cost of his or her medication throughout the year. Prices can vary significantly from one pharmacy to the next, and if your parent is loyal to just one pharmacy, then he or she might be paying higher prices for some or all of his or her medication than what is necessary. Not only do prices vary, but they do sometimes change. Calling around or stopping at a few different pharmacies from time to time can help your parent make sure that he or she is getting the best deal. Your parent might find that another pharmacy that he or she has never used offers much lower prices than what he or she has been paying.

Prescription medication can be very expensive for seniors. Your parent could be paying too much for his or her medication if any of the above scenarios are true, so consider talking to him or her about some of the steps that he or she can take to reduce prices. Look into various Medicare insurance plans to find the right one for your parent.

About Me

The Role Of Business Accountants

My name is Michael Winters and if you own a business and you don't have an accountant, you should read my blog. I didn't realize the importance of an accountant until my sister opened up a small business. She told me that she was going to hire an accountant and I wanted to know why. My sister explained why the duties of an accountant are essential for running a business. She explained that hiring an accountant was necessary for many things including getting a business started, for budgeting and to handle tax audits. After speaking with my sister, I did some research on my own to learn more about this type of job and the duties of accountants. After learning about the important role they play in a business, I wanted to share the information in a blog.

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