Filling your prescription drugs can be costly with and without medical insurance to cover it. While generic drugs are available, many patients must fill branded prescriptions for many reasons (i.e., the drug still has patents attached to it), thus, exerting a toll on the budget.
You will feel the effects of increasing prices for prescription drugs in different ways depending on your medical insurance.
For example, if you have private drug insurance, you will not likely feel the increase except in terms of increased yearly premiums or co-pays. But if you are on Medicare Part B or you have no insurance, you will definitely feel the pinch.
Fortunately, you can save as much as 90% off the price of your medication.
Shop Around
Always shop around for the prices of your prescription medications. You will find that even among neighborhood pharmacies, the costs can vary widely by as much as 100%! You can use price comparison websites to determine which online pharmacy offers the lowest prices or ask your neighborhood pharmacies for their prices.
For example, in a study conducted by Consumer Reports Health Rating Center about the prices of Plavix, a branded medicine used after heart attacks, the researchers found that Costco has the lowest price while CVS, Target, and Walgreens have the highest prices.
Bear in mind, nonetheless, that the price tags can still be reduced via in-store sales, coupons, and discounts so you have to take these things into account, too.
Go Generic
It’s not a secret to the general public that branded prescription drugs are more expensive than their generic counterparts. But it’s not as well known that three-quarters of medications are available in generic form, according to the Consumer Reports Health Rating Center.
Always ask your doctor and pharmacist for the generic equivalent of the branded drugs on your prescription. You can also ask about a lower-cost branded drug in case a generic equivalent is unavailable.
Generic medications are up to 90% more affordable than their branded counterparts without sacrificing on safety and efficacy.
You can also enroll in discount generic drug programs that offer added discounts for members; ask about these programs at CVS, Target, and Walgreens, among others.
You may also split acceptable pills, which means that you can get a two-month supply for a one-month cost. Just be sure to ask your doctor about it since efficacy issues are involved here.
You may also buy in bulk. For example, if you are on a 3-month prescription, you can buy the medicines in bulk and save up to 40% on the total cost.