Five tips for older adults facing rising prescription drug costs

Prescription drug costs in the U.S. are increasing faster than inflation. Across the country, rising healthcare costs – especially for hospital services and prescription drugs – continue to challenge doctors, patients, health plans, businesses and the entire healthcare system.

“Rising health care costs can be frustrating for everyone, including older adults,” Mona Chitre, PharmD, Chief Pharmacy Officer with Excellus BlueCross BlueShield (Excellus BCBS) said. “We want to support them with tips and information for managing their prescription medication costs.”

The following are several simple but effective ways older adults can ease the cost of prescription medications:

1. Consider spreading payments over time. For those who would like to manage their out-of-pocket costs by spreading them across the calendar year, consider enrolling in a prescription payment plan. While this won’t save you money, it does allow you to spread the cost of your eligible Medicare prescription drug coverage (Part D) into monthly installments.
2. Take medication as prescribed to avoid higher costs in the long run. Taking medication as prescribed by a provider, also known as medication adherence, remains one of the strongest ways to avoid higher costs. Skipping doses can lead to more medications or more intensive care later. Pharmacists can help patients understand how to properly take medication to avoid complications and potentially support cost reductions. For members with multiple health conditions that require several medications, Excellus BCBS offers Medication Therapy Management (MTM). The program provides a prescription review with a pharmacist and regular check-ins to ensure medications work safely together. Participants also get an action plan to discuss with their doctor.
3. Shop around and save. Like many products, the cost of prescription medications can differ from pharmacy to pharmacy.  Excellus BCBS's online pricing tool not only allows you to price a medication at pharmacies near you, it also gives you information on possible alternative drugs that work just as well and may cost less.
4. Consider using a preferred pharmacy. Using a plan’s “preferred pharmacy” can reduce costs for many prescriptions.
5. Research financial assistance programs. Members can also take advantage of specific drug assistance programs. Extra Help is a Medicare program to help people with limited income and resources pay Medicare drug coverage (Part D) premiums, deductibles, coinsurance, and other costs. Some people qualify for Extra Help automatically, and other people have to apply. New York state offers the Elderly Pharmaceutical Insurance Coverage (EPIC) program to seniors to help supplement out-of-pocket Medicare Part D drug plan costs. EPIC operates a toll-free Helpline which is available from 8:00 a.m. to 5:00  p.m., Monday through Friday. Call 1-800-332-3742 (TTY 1-800-290-9138) for more information or to request an application.

“As a local, mission-based nonprofit health plan, we work with members every day to identify ways to stay healthy and manage the rising cost of health care,” added Chitre.  “At Excellus BCBS, 92 cents of every dollar members paid for coverage last year went directly to covering their medical care and prescription drug costs. We remain deeply committed to helping our members find the coverage that best fits their needs at a price that is as affordable as possible.”

For those on Medicare, this video offers additional Medicare prescription drug coverage (Part D) educational and cost saving information.

For more information on managing prescription drug costs, visit medicare.excellusbcbs.com and click on the 2026 Benefits Guide or talk to your doctor.
 

Contact:
Kim Allen kim.allen@excellus.com