Prescription drug prices have been steadily rising over the last few years, and the trend shows no sign of slowing down. According to an AARP study on pricing trends, the average cost of a year’s worth of prescription drugs more than doubled between 2006 and 2013 — from $5,571 to $11,341 — and prices continue to soar.
If you don’t have insurance or can’t afford the cost of your medication, you may be tempted to miss a dose or, worse yet, skip filling the prescription altogether. This is a bad idea that can end up being more costly than the drugs themselves. Fortunately, there are a few simple ways to save on medication without risking your health. Keep reading for our top tips on lowering your prescription costs.
Be Open With Your Doctor
You may feel embarrassed to admit that cost is an issue for you, but your doctor would probably prefer that you did. A 2014 study published in The Annals of Internal Medicine found that almost one-third of patients never fill their prescriptions. Tell your doctor if the prescription is out of your budget. He or she may be able to come up with a less expensive solution.
Switch to Generic Medications or Low-cost Prescriptions
According to the U.S. Food and Drug Administration, generic medications cost 80 to 85 percent lower, on average, than brand-name drugs. Ask your doctor if there is a generic or less costly version of the brand-name drug you’re taking. Another option is to use online pharmacies. Many of these dispensaries specialize in cheap prescriptions that work just as well as the “designer” ones.
Check Your Insurer’s Formulary
Whenever you’re prescribed a new medication, ask the doctor to list the top three drug choices. Then, check your insurance company’s formulary to find out the copayment for each drug. Choose the least expensive option, and let your doctor know which drug you prefer.
Compare Prices
Shop around for the best prescription prices. You can often find inexpensive prescriptions at retail stores, supermarkets, by mail order, and online. Many online pharmacies will offer a discount on a 30- or 90-day supply of medication.
Prescription Discount Programs
There are several prescription discount programs that can help you lower your medication costs. AARP, for example, offers discounts on FDA-approved medications not covered by Medicare Part D. Check with the pharmaceutical company that manufactures the drug you’ve been prescribed to see if there are any discount programs available. Many drug manufacturers will offer a coupon for a discount or a free 30-day trial of the drug.
Request a Sample
Before paying for a full month’s supply of a drug, as your doctor for a sample. Many physicians will give you one or two weeks’ worth of the medication so that you can try it before committing to a full prescription.
State Subsidy Programs
If your state has a State Pharmaceutical Assistance Program, you may qualify for assistance in paying drug plan premiums or other medication costs. Social Security and Medicare offer a program for individuals with a low income and limited resources that helps cover the cost of prescriptions. The program lowers the cost of medication to $3.30 for generic drugs or $8.25 for brand-name drugs. Seniors with limited income and resources may be able to qualify for Extra Help — a government program that assists Medicare recipients with the costs of the prescription drug plan, including monthly premiums, prescription payments, and annual deductibles. Check the Medicare site to find out if there are any state pharmaceutical assistance programs available to you.
Consider an Over-the-counter Alternative
In many cases, a non-prescription medication will work just as well as a prescription drug for only a fraction of the cost. If you’ve been prescribed allergy medication, for example, you may be able to take Claritin, Allegra, or another over-the-counter allergy medication instead. Depending on your health insurance plan, however, a prescription version of the drug may end up being less expensive that the non-prescription version. Be sure to compare costs.
Focus on Preventive Care
When it comes to keeping prescription medication costs low, the old adage is true: an ounce of prevention is worth a pound of cure. The Affordable Care Act has made it possible for everyone to benefit from preventive procedures such as vaccines, mammograms, and colonoscopies. Seniors can take advantage of the initial “Welcome to Medicare” preventive visit, free health screenings, and yearly checkups to reduce the chances of having to take multiple daily prescription medications.
Caitlin Lloyd lives a frugal life wherever possible, though she does admit to splurging on good coffee! She writes about how and where to save money for women’s lifestyle and personal finance blogs.
