8 Ways People Waste Their Social Security Check

Paying Too Much for Prescription Drugs

By the time you’re receiving Social Security benefits, medical expenses are virtually a given. In fact, seniors ages 65 to 79 average more than 27 prescriptions for new drugs annually, according to an IMS Institute for Healthcare Informatics study.

Fortunately, every Medicare plan with prescription drug coverage must offer at least two drugs in each category and class. So, if you have Medicare, you should be able to avoid paying high out-of-pocket costs for your prescriptions. If you currently take drugs that aren’t covered by insurance, talk to your doctor about finding alternatives that treat the same conditions and are covered under your plan.