Health Insurance Prescriptions
Nine ways to save money on prescription drugs
According to the 2010 Healthcare Transparency Index published by change:healthcare, prescription drugs provide the greatest opportunity for cost savings in health care. The website informs visitors about current health-care cost trends.
Costs for commonly prescribed drugs, according to the index, can vary greatly, even among generic versions. Walmart, Target, Kroger, CVS, and Walgreens are the chains with the greatest price differences for both brand-name and generic drugs.
If you're concerned about how much you're paying for prescription drugs or simply want to compare prices, now is a good time to do so. There is more information available than ever before, and there are numerous ways to reduce your medication costs.
Here are nine prescription drug cost-cutting strategies.
1. Investigate drug discount cards.
Consider a drug discount card for medications not covered by your insurance, suggests Dr. Richard Sagall, president of NeedyMeds.org, a nonprofit that provides information on programs to reduce medication and health care costs. NeedyMeds.org provides cards with up to 75 percent discounts on prescription drugs, over-the-counter drugs, and prescribed medical supplies. It also covers prescription drugs for pets purchased at a pharmacy.
2.Compare prices.
Pharmacies, like any other retailer, set their own prices, according to Colleen Higgs, president of Ramsell Pharmacy Solutions in Oakland, California. Before filling a prescription, compare prices; you can often do so without leaving your house. Pharmacies are required by law to provide you with a price quote over the phone.
3. Request a match.
Some pharmacies will match competitors' prices, which helped Cindy Holtzman of Marietta, Ga., save a significant amount of money.
"My personal insurance does not cover prescriptions," she explains. "So I go to Costco.com and check the price." My local grocery store pharmacy will match it."
Holtzman, a health insurance agent and medical billing advocate, once needed a $199-per-month prescription. She was able to get it for $35 by shopping around.
Online pharmacy price comparison sites include www.costco.com, www.pharmacychecker.com, and www.destinationrx.com.
4. Obtain samples.
Heather Sokol, founder of Inexpensively LLC, a national network of frugal bloggers, says, "When my oldest child was taking a daily medication, her pediatrician gave us samples whenever possible." Sokol routinely left the office with a month's worth of medication for free by simply asking.
5. Slice it up.
According to Carole Holden, founder of Gelmtree Advertising in Florida, requesting a stronger medication and taking half the dose can help save money. Holden's husband requires 10 milligrams of a specific medication every day. Holden's husband cut 20 milligram tablets in half after their doctor prescribed them. A refill costs the same, but the pills last 60 days rather than 30.
According to Higgs, the pharmacist, this procedure, known as pill splitting, can work in some cases. However, not all medications have the same effect when split, so consult your doctor first and then your pharmacist before splitting a pill.
6. Keep an eye out for freebies.
Free generic antibiotics are available at some pharmacies and grocery stores. Others provide gift cards in exchange for a new or transferred prescription. You may still have to pay for the medications with these, but you will receive a certain amount to spend on your next grocery or over-the-counter purchase.
7. Consult your doctor.
According to Sagall, it is critical for patients to inform their doctors if they are unable to afford certain medications. Your doctor may be able to recommend less expensive or generic alternatives.
If you take multiple medications, review them on a regular basis. Sagall believes that doctors may start patients on drugs for conditions such as diabetes or hypertension and never look back. If the medications help bring your condition under control, you may not need to continue taking them all. Check to see if one or more of them can be eliminated.
8. Investigate patient assistance programs.
Pharmaceutical companies offer these programs to people who cannot afford to buy medication. And, while pharmaceutical companies offer these programs for many expensive medications, Higgs claims that they don't always actively seek customers.
To find out if a patient assistance program is right for you, look up the manufacturer of the medication your doctor has prescribed, then go to their website to learn about their patient assistance options. More information can be found at www.rxassist.org.
9. Send it by mail.
While it will not work for medications that you require immediately (such as antibiotics), using a mail-order pharmacy can provide significant long-term benefits. Typically, these programs allow consumers to receive a three-month supply of medication for the price of one or two months.