Health care costs are one the biggest expenses people face in retirement, and they are the cause of many bankruptcies. Consider this: according to Fidelity Investments the average couple will spend $220,000 for health care in retirement, and that doesn't even take into account any unexpected illnesses. A year in an assisted living facility is going to cost more than $40,000 on average, while a nursing home is more than $50,000 a year. Even having an in-home health care aid can be expensive, costing as much as $25 an hour. One of the biggest components of health care costs, particularly for people suffering from chronic diseases, are prescription drugs. According to HealthView, a couple at age 65 will spend anywhere from $13,000 to $15,000 for medication alone. (See also: Preventing Medical Bankruptcy.)

Thankfully retirement has its benefits, and one is that there are a number of ways to save on prescription drugs. From going generic to doing some comparison shopping, here's how to reduce the overall cost of prescription drugs in retirement.

When it comes to saving money on the cost of prescription drugs, a fundamental is to ask your doctor if there is a generic version of the drug he or she prescribes you. After all a generic version is going to be a lot cheaper than the brand name and gives you the same result. While the price difference can vary, often retirees can save as much as 30% by going generic. Generic drugs may rub the major pharmaceutical companies the wrong way; they pour all the money into research and development only to see generic drug makers step in and make the drug more cheaply. But it's consumers who benefit from the cheaper competition, which is why asking your doctor for a generic version of your medicine is a way to save big time. If there isn't a generic version available, ask your physician if he or she can prescribe an alternative drug that doesn't cost as much.

It's not only paper towels and other consumer staples you can buy in bulk to save money. That same practice can also be applied to your prescription medicine. Buying in bulk can save you up to 50%, but be careful about how much you purchase. It's not a good idea to buy more than a 90-day supply in bulk because the medicine may expire or lose its effectiveness. A good way to save on bulk orders of prescription drugs is to do it via the mail. Purchasing long-term supplies through the mail by a legitimate pharmacy can boost the savings even more.

Consumers aren't the only ones aware of the skyrocketing costs of medicine. So is the government, and as a result the federal government offers a program for retires to subsidize the cost of prescription drugs. Called Medicare Part D, the prescription drug coverage is available for individuals who are on Medicare and signed up for benefits under Medicare Part A and/or Medicare Part B. Retirees can purchase a Medicare Part D plan through a private insurance company, and it will cover the cost of some or all of your medicine. Each Medicare Part D drug plan has its own list of drugs it covers, with many plans putting drugs in different tiers. Drugs in each tier are priced differently, generally with drugs in a higher tier costing more than ones in a lower tier. When purchasing a Medicare Part D plan, make sure to shop around. The coverage and benefits will vary from one plan to next.

You may think your prescription medicine is going to cost the same from one pharmacy to the next, but it turns out the price can vary and vary a lot. One pharmacy may charge a certain amount for your medicine, but one across the street could be lower, which is why it pays to comparison shop. Thankfully the Internet can help with that. Many websites offer price comparison tools so you can get a sense of how much the cost of your medicine actually is. Don't have access to the Internet? Then call each pharmacy and ask how much they charge for the prescription you need filled. The price disparity can be big when a drug first comes off label and a generic version becomes available. The price you pay for that generic can vary tremendously, underscoring the importance of shopping around.

In some cases retirees can save money by asking their doctor if it is OK to split their pills. Basically the physician will prescribe a higher dosage that can then be cut in half. This can save you a lot of money, but you have to be careful with this strategy. Never attempt to split a pill unless you check with your doctor first. Some drugs can't be split, such as time-release or coated medications. Retirees can purchase tools to split pills from their local pharmacy.

Because the cost of medicine can be so prohibitive for so many, there are programs to help out struggling retirees. Called prescription assistance programs or PAPs, these programs are typically sponsored by drug companies or by state governments. When applying for aid, your financial situation, the cost of the medicine and whether or not you have prescription drug coverage will all come into play. Retirees can search for programs in their area at the Partnership for Prescription Assistance. There retirees can input the medicine they are taking, and the website will match them with programs they may be eligible for.

Prescription drugs are one of the biggest expenses retirees are going to face. With the costs only expected to increase, finding ways to reduce the burden will be a top priority. While some of the expense is out of your control, there are ways to lower the amount you pay for your medications. Comparison shopping, buying in bulk, taking out a supplemental insurance plan to cover drugs and seeking assistance when you need help are all surefire ways to reduce medication costs in retirement. (See also: 20 Ways To Save On Medical Bills.)