As prescription drug prices continue climbing faster than inflation, Excellus BlueCross BlueShield is urging older adults to take advantage of cost-saving programs and tools that could help reduce out-of-pocket expenses.
The Rochester-based health insurer issued a consumer advisory Thursday focused on seniors, who often face difficult choices between paying for medications and covering other basic needs as health care costs rise.
“Rising health care costs can be frustrating for everyone, including older adults,” said Mona Chitre, chief pharmacy officer for Excellus BCBS. “We want to support them with tips and information for managing their prescription medication costs.”
Among the recommendations highlighted by Excellus is enrolling in prescription payment plans that allow Medicare Part D costs to be spread across the calendar year instead of paid all at once.
The company also stressed the importance of taking medications exactly as prescribed, warning that skipping doses can lead to worsening health conditions and higher long-term medical expenses. Excellus said pharmacists can often help patients identify safer or more cost-effective medication options.
Another major recommendation involves comparing prices between pharmacies, as prescription costs can vary significantly depending on location and provider. Excellus said some Medicare plans also offer lower pricing through preferred pharmacy networks.
The advisory additionally encouraged seniors to explore financial assistance programs, including Medicare’s “Extra Help” program and New York’s Elderly Pharmaceutical Insurance Coverage, or EPIC, program, which helps offset Medicare Part D drug costs for qualifying seniors.
Excellus officials said rising prescription drug costs remain one of the most significant affordability challenges facing older adults nationwide.
The nonprofit insurer said 92 cents of every premium dollar collected last year went directly toward medical care and prescription drug coverage for members.
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