How to Pay for Prescription Costs in Retirement

Along with all the wonderful benefits of retirement comes a few stressful elements of living, including the frustrations of accessing prescription medication for a reasonable cost. If you find that your necessary prescriptions are costing more than you can afford, consider looking into the following means of prescription funding to help you get that healthcare you need!


Health savings accounts (HSAs) are a personal fund that is set aside solely for health care expenses. You are the only one with access to or control over this account, but you aren’t the only one who can add to it—your workplace, family, or any other independent contributor can put funds into your account! This money that you have designated to help maintain your health is not taxed, and it rolls over from year to year. The money can be used for any dental, psychological, or physical health-related issues. If you have an insurance plan with a high deductible, this kind of account is extremely helpful for covering out of pocket costs, such as prescription medication.

Medicare and Medicaid

Medicare is meant to provide healthcare access to people who can only provide for the most basic needs of life, making specialized medical care out of reach. Therefore, Medicaid can be a great resource for those with low incomes and limited assets. This program applies to retirees who are no longer making an income at all and have no employment-given benefits. Your medications are an essential part of your health maintenance! Take advantage of this government assistance that will offset the costs of your copays for doctor visits and medications; keep in mind, though, that because Medicare is a federal-state program, different states may have different policies on certain medicines and practices.

Special Funds & Charities

It’s not a secret that prescription medications and medical procedures can take a significant chunk out of your well-earned retirement savings. Some entrepreneurs have created special funds and charities that you can apply for that will act as aid for your medication needs. These foundations require different qualifications to access their help, so it may take some digging and consultation to find an organization that fits your circumstances and your needs.

Don’t compromise your health during a time of life when you should be enjoying the rest of retirement! There are means of help! Consider the personal, government and independent options that exist to help you stay healthy, happy, and financially safe.


Read this next: Understanding the Importance of Medication Management for Seniors

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