Speaking up, being patient and using simple math can be the best medicine for your wallet.
Prescription medications are one of the most expensive and reoccurring costs you’ll face. Fortunately, many of them have generic counterparts that are available and less expensive. The U.S. Food and Drug Administration requires that generic drugs be as safe and effective as their brand-name counterpart. More than half of all prescriptions are for generic drugs. When your provider writes a prescription, ask for the generic substitute. If the provider gives you a sample drug, also ask for a generic prescription so you can use it for a refill if needed.
You also can call different pharmacies to find out their price for your prescribed medicine. In most cases, the prices will be similar. In others, you’ll be thanking yourself for making the effort.
If you have prescription coverage that includes a co-pay, it may be cheaper to pay the generic price of $10 of the medication versus the co-pay depending on your co-pay amount. For example, the co-pay on a prescription plan for a 90-day supply could run from $27 to $75. In this case, it is more cost effective to pay the $10.
Mail order also may be another option when the medicine is not needed immediately. Mail order usually is substantially cheaper and a 90-day supply is the usual order.
In some cases, over-the-counter drugs may be substituted for some prescribed medications. For instance, Claritin (Loratadine) can be purchased over the counter while its counterpart requires a prescription from a health care provider. The savings between the two can be substantial while the results are similar. Do yourself a favor and check with your health care provider or pharmacist.
Most of the time, the cost of medication does not depend on the dose. For example, a 100 mg Viagra tablet could cost the same as a 50 mg. Ask your provider or the pharmacist if the medication can be split. You may also find relative information on the Internet or through Consumer Reports about splitting drugs. If yes, you can save some money by getting a double dose of your prescription.
Using Pravastatin as an example, if your provider approves and your daily dose is 20 mg you can cut the 40 mg tablet in half and get a 180-day supply for $10. This is a substantial cost saving.
Those with numerous chronic illnesses may be in a situation where different providers prescribe a variety of medications. Ask your primary provider to review the medications and together you can determine which are needed. This could result in cost savings as well as the benefits to your health.
The pharmaceutical industry spends millions of dollars marketing directly to consumers. We are bombarded daily with television and print ads that promote numerous medications. The industry has found that their campaigns can direct patients to their specific product when other less costly options might be available.
Be careful about being persuaded that a heavily marketed medication is appropriate for you. A substitute drug for a 10th of the cost may be just as beneficial.
So be aware and speak up when it comes to your health. You’ll save money and not sacrifice quality medications.
