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 As the prices for prescription drugs have skyrocketed in recent years, an increasing number of Americans have taken steps to control the costs of their prescription drugs in alarming and potentially dangerous ways, such as not filling prescriptions, skipping dosages, splitting pills without physician advice, and even sharing prescriptions with a friend.
Before you resort to one of these potentially risky tactics to lower the costs of your prescription drugs, consider these basic tips which can help your budget and possibly save your life:
- Show your Formulary to your Doctor. The formulary is the list of drugs covered by your health insurance and the copays required by the different drugs. Formularies vary from plan to plan, so show your doctor your formulary when they prescribe you drugs so they can consider the costs of different drugs as they prescribe. (You should be able to get a copy of your formulary from the health plan’s website – this will likely be more up to date than the formulary you received in your initial plan documents).
- Buy Generics. Ask your doctor whether there is a generic or less-expensive equivalent which may be available. Generic drugs are the legal copies of brand-name drugs whose patents have expired, and are virtually always a small fraction of the price of the original brand-name. (The generic manufacturer can charge a much lower price because it didn’t have to invest in the research & development and marketing).
If a generic is available, check your local superstore to see if they carry it. A number of superstores have started carrying some generics at very low prices. (Target and Wal-Mart offer a 30-day supply of generics for $4 or a 90-day supply for $10; Costco charges $10 for 100 pills for most generics; and Kmart charges $10 or $15 for 90 days' worth.) If you do buy generic, remember to check the generic co-pay against its retail price. In some cases, the co-pay may actually be higher than the retail price.
It is important to note that not every generic drug may be offered at these low prices. Some generics can cost as much as $40 - $45 dollars for a 30-day supply.
- Shop Around. Prescription drug prices can vary widely, even within the same geographic area. If you have a drug plan, your co-pay should stay the same regardless of the pharmacy. However, it you are paying cash, there can be big price differences even among same chain drug stores within a few miles. The cost of your prescription may vary by anywhere from 15% to as much as 100%. If you have a chronic condition, online or mail order sources are usually much cheaper than neighborhood pharmacies.
- Tell your Physician if You Can’t Afford a Drug. Absolutely tell your physician if you cannot afford a drug they are prescribing. He or she may know of lower-cost treatment alternatives that may be available. If lower-cost alternatives are not available, your physician can at least make you aware of the risks of discontinuing treatment. Even if you cannot afford your full drug regimen, your doctor may still advise you that there may still be one or two low-cost drugs important to your treatment. Many pharmaceutical companies also offer patients certain medications at reduced prices or free. Be sure to look into that option as well if you are having difficulty paying for your medications. Information can usually be found on the manufacturer’s website.
- Ask your Pharmacist if you can Split your Pills. In some cases, a stronger pill may be available for the same co-pay. If so, ask your pharmacist if the pill is suitable for splitting. Not all drugs are suitable for splitting, but if yours are, you may be able to split the pills in half and save half the copay. Again, you should ask your pharmacist before you start pill-splitting. If you are able to split your pills, invest in a pill-splitter so you get an accurate split.
- Stock Up. If you have a chronic condition, buying larger quantities (such as a three-month supply instead of a one–month supply) is almost always cheaper.
- See if a Coupon is Available for your Drug. Some pharmaceutical companies offer coupons for the drugs they market. The dollar amounts and terms and conditions of coupons vary, but some can be quite substantial. http://www.internetdrugcoupons.com/ is a good resource on what coupons may be currently available.
Tags: Medicare, Medicare Part D, Prescriptions Drugs, Formularies, Health Insurance, Senior Health, Practical Tips, Healthcare Savings
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