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How to Save Money on Your Prescription Drug Costs
By Jim Miller
There
are a variety of ways you can reduce your medication costs without
cutting quality, but you’ll need to take a proactive
approach. The following tips can also help seniors with a Medicare
prescription drug plan avoid the “donut hole” coverage
gap, or reduce their costs once they reach it. Here are some cost-cutting
strategies to try.
Check your insurance: If you have drug coverage, your first
step is to find out what your plan does and doesn’t cover. You can do this by visiting the
insurer’s website or by calling their 800 number on the back of your insurance
card. Once you have this information, share it with your doctor so (if possible)
he or she can prescribe medications that are best covered by your plan. You also
need to find out if your insurer has a mail-order service. This would help you
to purchase your medications for 20 to 40 percent less.
Talk to your doctor or pharmacist: Find out if the medications you’re taking
are available in a generic form or a less expensive brand-name drug (you can
also look this up online at sites like destinationrx.com). About 75 percent of
all premiums drugs on the market today have a lower-cost alternative. Switching
could save you between 20 and 90 percent. Many chains like Wal-Mart, Target,
Costco, Kmart, CVS, Walgreens and Kroger sell hundreds of generics for as little
as $4 for a 30-day supply and $10 for a 90-day supply.
Another cost cutter is to buy your medications in bulk. Many pharmacies give
discounts if you buy a three-month supply of drugs versus a 30-day supply.
Also, find out if the pills you’re taking can be cut in half. Pill splitting
allows you to get two months worth of medicine for the price of one.
Shop around: Drug prices can vary form drugstore to drugstore, so it’s
definitely worth your time to compare prices at the different pharmacies in your
area. Using U.S.-based online pharmacies are another way to save 25 percent or
more. Drugstore.com and familymeds.com are two good sites that provide solid
savings, but there are dozens to choose from. If you opt for an online pharmacy,
be sure you purchase from ones that have the “VIPPS” seal of approval
(see vipps.info) from the National Association of Board of Pharmacy. Seniors
enrolled in a Medicare prescription drug plan also need to make sure the online
pharmacy they’re buying from is included in their network. Otherwise, the
purchase may not count toward their deductible.
Get a discount card: Many pharmacies have free or low-cost discount card programs
that will let you buy generics for $4 or qualify for steeper discounts on other
drugs. Other drug card programs worth a look include togetherrxaccess.com, rxsavingsplus.com, yourrxcard.com, rxfreecard.com, pscard.com and familywize.com.
Search for drug assistance programs: If your income is limited, you can probably
get help through drug assistance programs offered through pharmaceutical companies,
government agencies and charitable organizations. To find these types of programs
use benefitscheckup.org, a comprehensive website that lets you easily locate
the programs you’re eligible for, and will show you how to apply.
Buy from Canada: This option offers savings between 50 and 80 percent on brand-name
drugs, but it’s important to understand that it’s illegal to import
drugs from Canada. The FDA, however, does not prosecute anyone who imports prescription
drugs for personal use. If you’re interested in this option, see pharmacychecker.com,
an independent resource that finds the lowest prices from licensed and reputable
Canadian pharmacies. (Note: This is not a good option for Medicare Part D beneficiaries
because it will not count toward their deductible.)
This page and its contents ©2012
Metropolitan News Company, Inc.
