Ask the Pharmacist: Preparing Your Medications for the New Year with Anna McGhee, PharmD, Director of Pharmacy

As a new plan year approaches, it's a good time to review your medications and make sure you're getting the most value from your prescription drug benefits. Annual formulary updates and savings programs can affect your prescription costs. To help you prepare, Dr. McGhee answers some common questions from members.

Q: I received a notice that one of my medications may have a formulary change next year. What should I do?

A: Don't wait until January to find out how a formulary change may affect you. If you receive a notice that a medication is changing coverage status, moving to a different tier or requiring additional approval, schedule a conversation with your provider before the new year begins.

Your provider can review your treatment plan and determine whether you should remain on your current medication or if there is a comparable alternative that may be covered differently. Having this discussion before January 1 can help prevent delays at the pharmacy and help ensure you continue receiving the medications you need.

Q: My out-of-pocket costs will reset in January. Are there ways I can save money on prescriptions?

A: Yes. The beginning of the year is an excellent time to review your medications and explore potential savings opportunities.

Ask your provider or pharmacist whether a lower-cost generic medication is available for any of your prescriptions. Generic medications contain the same active ingredients as their brand-name counterparts and can often provide significant cost savings.

Q: What if I'm having trouble affording one of my medications?

A: If medication costs are creating a challenge, don't stop taking your medication without speaking to your provider first.

Many pharmaceutical manufacturers, nonprofit organizations and government programs offer assistance that may help eligible individuals lower their prescription costs. You can learn more by visiting Medicare's Plan Compare tool at www.medicare.gov/plan-compare. Visiting the financial assistance section of your health plan website is also a good option.

This resource can help you identify programs that may be available for medications you currently take. Your pharmacist or provider may also be able to suggest lower-cost alternatives or other ways to reduce your prescription expenses.

A Few Minutes Now Can Make a Big Difference

By taking action before January 1, you can avoid unexpected surprises and start the new year with confidence.

If you have questions about your medications or prescription drug coverage, don't hesitate to reach out to your pharmacist or provider. Working together now can help ensure you have access to the medications you need while making the most of your prescription drug benefits throughout the year.