I have previously written about saving money on prescription drugs, but had a few more ideas…
It certainly isn’t a news flash that the cost of prescription drugs can cost an arm and a leg. And the sad part is that there are many seniors that are having to make a choice between eating properly and their medications.
Standard Medicare doesn’t pick up the tab for it (unless you have a separate Medicare Part D policy, though Medicare will pick up the tab in the hospital).
And the prices continue to skyrocket, which many seniors having to lay out thousands of dollars.
So I might be repeating a few of the tips that I outlined previously, but the point I am making is that below are a few ideas you can use to save money on prescription drugs…
The first, simplest and most obvious tip is to see if you can speak with your doctor and get them to change your prescription to the generic alternative of the medication you are taking.
The prices are anywhere between 50% and 85% cheaper than its name brand counterpart and the generic alternative contains the exact potency and medicine of the name brand alternative. So in essence you are paying only for the name of the medication.
And the good news is that if you have a Medicare Part D policy they will still cover the generic equivalent, though you do need to check the formulary (insert link) of your plan in order to make sure that it is covered.
If you are taking a medication for the first time, you might want to ask for a trial size of the prescription first. This way if you have an adverse reaction to the drug you aren’t throwing money away.
On the other hand, if the medication is working you can always get a new prescription for it.
Sticking with the trial size theme, see if your doctor can get you samples of the medication you are taking before you get a prescription filled. Many times medical sales reps do drop of samples of many medications in their offices and you can access this resource to assist you with your health.
If you will be using the drug long-term, see if your doctor can prescribe a larger amount of the medication…this way you can get a volume discount.
IMPORTANT NOTE: This is potentially dangerous. If your parents are suffering from dementia having a larger amount of pills lying around may become an issue. One of the ways you can deal with this is through a medication reminder and a pill box dispenser.
You would be amazed at the price difference between pharmacies. Consumer Reports did a recent study stating that some pharmacies, like the ones in big box retailers such as Wal-Mart and Target, use their pharmacies as “loss leaders”. They are willing to take a loss on the medications to get you in the door in order for you to buy other stuff while you are in there.
Therefore, shop around and focus on the big box retailers to see if you can save.
Make sure to look into a Medicare Part D insurance. This could help you save thousands of your prescription medications.
Prescription Drug Assistance
There are plenty of both private and public pharmaceutical programs at the state level. Therefore, you can seek out these programs to see if they can assist you.
In addition, SOME states have additional assistance as well…the reason not all states have this assistance is that many cancelled their programs after the government instituted Medicare Part D in 2006.
Seek Help From The Company
Many, though not all, pharmacy companies do offer assistance to those who are of limited means. You would need to contact the manufacturer of your medication and see if they offer such assistance to you.