Month 7: The Healthcare and Prescription Review

Healthcare is a non-negotiable expense, but there are still ways to manage the costs. This month, focus on your medical and prescription spending. If you are on Medicare, be aware of the annual Open Enrollment period (typically October 15 to December 7). This is your chance to review your Medicare Advantage (Part C) or Prescription Drug (Part D) plan. Plans change their coverage and costs every year. A plan that was great for you last year might not be the best deal this year. You can use the official Plan Finder tool on the Medicare website to compare options.

For prescriptions, always talk to your doctor and pharmacist. Ask your doctor if a less expensive, generic version of your medication is appropriate for your condition. Generic drugs are approved by the FDA and have the same active ingredients and effects as their brand-name counterparts but can cost up to 85% less.

When you’re at the pharmacy, ask the pharmacist if there are any discount programs available. Don’t be shy about stating that you’re working to lower your costs. They are a valuable resource. Comparison shopping between different pharmacies can also reveal surprising price differences for the same medication. A little research can lead to significant savings on these essential costs.