Saving Money with Preferred Pharmacies

By RetireMEDiQ

You may have heard that using a preferred pharmacy will save you money. But how exactly does this work?

On your Medicare Advantage or Part D Prescription Drug plan, certain pharmacies have a contracted relationship with your insurance company. These pharmacies are considered preferred by the insurance company, meaning that you may pay less if you use these in-network preferred pharmacies to fill your medications. This applies to both local retail pharmacies and mail order pharmacies.

Many insurance companies categorize network pharmacies as “standard” or “preferred.” If this is the case on your plan, you will find that preferred pharmacies will give you the lowest copays on your medications. Standard pharmacies are in-network pharmacies, but you will usually pay more money to fill your medications at these pharmacies.

If you have questions about your preferred pharmacy network, please contact our Client Services Team at 1-877-222-1942 or client@retiremediq.com.

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