|
|
|
(Taken from 425 Ways to Stretch Your $$
"At today's prices for medication, any pill is a bitter pill to swallow." - Unknown
As anyone who takes a prescription drug knows, the prices have skyrocketed. According to the Employee Benefit Research Institute, prescription drug expenditures have grown at double-digit rates during almost every year since 1980, accelerating to 14.1% in 1997. Even if your health insurance pays for medications, you may have hefty co-payments or deductibles. Nonetheless, there are ways to stretch your prescription-drug dollar. Let us discuss some of them.
1. Know what your medical insurance or managed health care plan covers.Before you sign up for a plan, check to see what your co-payments for prescription drugs will be, as well as the maximum amount the plan will pay in a year. You should also find out if your health plan has a formulary, which is a list of drugs that they will cover. A health plan with a closed formulary pays only for certain pre-approved drugs. If the drug you need is not on the list, you pay the whole cost.
If your plan has a closed formulary, you may be able to request an exception by having your doctor fill out a form. With Health Maintenance Organizations (HMOs), you may have to go through an appeals process.
An open formulary, on the other hand, covers most drugs but the prices may vary.
2. Get free samples.
Drug sales representatives are always leaving samples in doctors' offices for the doctor to prescribe them to his/her patients. Don't be bashful about asking your doctor for samples.
3. Begin with a 2-day supply.
Your body may react negatively to a particular drug. So before you fill the entire prescription, try it for a few days. If you need to change drugs after two days, you have only bought the amount you have used. You will not have any half-full prescription bottles getting wasted. You can buy several pills at a time of any prescription, but you must stick with the same pharmacy until that prescription is completed (not including refills).
4. Look for coupons and rebates.
Often a manufacturer will put a coupon on the back of the box or even inside. Check it out before you toss the container.
5. Use Generic Drugs.
Instead of buying brand name medications, ask your doctor if you can get generic equivalents. This can save you between 30% to 50% or more. By federal law, generics have the same amount of active ingredients as brand name drugs. The difference is in the substances used to fill or pack them. You should discuss with your physician the use of generic drugs. Any drug that must maintain a level in your bloodstream, i.e. anti-seizure medications, anticoagulants, certain cardiac medications, certain anti-psychotic medications, must be maintained in the form you started. Switching from generic to brand name or vice versa could be fatal. The active components are the same, but your body may react differently with the "filler" and absorb not enough or too much of the active ingredient in the same dose.
6. Seek cheaper brand name drugs.
If there are no generics available, find out if there are cheaper brand names available.
7. Comparison shop.
Shop around for a pharmacy that offers the best value for your needs. Some drug stores, for example, offer cheaper prices but no services such as home delivery or pharmacist consultations. It may even be worthwhile to compare prices on a prescription-by-prescription basis, since stores sometimes have specials on popular drugs. Have the drug name, dosage and quantity available when you comparison shop.
8. Order online.
Studies show that online pharmacies consistently deliver the lowest overall prices. The next lowest prices are offered by mass merchants such as Wal-Mart, Costco and Target, followed by supermarkets, independent drug stores and drug chains such as CVS and Walgreens. Although you may be able to save money by ordering on the Internet, you need to exercise caution. Deal with pharmacies that are certified by the National Association of Boards of Pharmacy (NABP). They developed a system to verify licensure of Internet Pharmacies. Once the pharmacist has met the licensure requirements, NABP assigns them a certification of "Verified Internet Pharmacy Practice Site (VIPPS)". NABP is located in Park Ridge, Illinois. Their telephone number is (847) 698-6227.
9. Use an online shopping service.
www.pillbot.com will search for the best deal among online pharmacies.
10. Ask your local pharmacy to match the online price.
If you find a cheaper price for your medication online, your pharmacist may match the lower price.
11. Check your drugstore's online price.
Some drug store's online price is as much as 15 percent lower than the pharmacy price.
12. Order by mail.
Mail-order pharmacies now account for 10 to 12 percent of the total prescription market, according to the Pharmaceutical Care Management Association. Ordering by mail, which can save you 10% to 15%, is perfect for patients who take medication on an on-going basis and who can place orders in advance. Some resources that offer discounted mail-order drugs: Medi-Mail, 800-331-1458; and the American Association of Retired Persons (AARP), 800-456-2279.
13. Capitalize on your veteran status.
If you are a veteran you may be able to get drugs at a very low cost at a Veteran Affairs outpatient clinic. For more information go to www.va.gov or call 1-877-222-8387.
14. Use over-the-counter drugs.
Some medications that are available without a prescription work as effectively as a prescription and may cost as much as 75 percent less. Some examples of drugs that can be purchased for less than a co-pay are antacids, antihistamines and some pain relievers. If you have insurance, make sure you are paying your co-pay on the cheapest amount possible. It may be cheaper to buy the drug without insurance. I know a lady who takes prenatal vitamin tablets. The tablets are covered by her insurance for a $7 co-pay for 30 tablets, or 90 tablets for $21. Since she can buy the tablets over-the-counter and pay $20 for 100 tablets, she has decided not to use her insurance.
15. Get your prescription for a 90-day supply.
If you will be on a drug for a month or more, ask your physician if it is appropriate to order a bulk supply. Some insurance plans allow you to order a 90-day supply for one co-pay.
16. Split pills.
You can get certain prescriptions at double their appropriate dose and then split the tablets in half. Say a pill comes in 50 mg and 100 mg. You need 50 mg. Ask your doctor to write the prescription for 100 mg and then split the pill. This tactic can result in a 50 percent savings. Consult with your doctor and pharmacist to find out if pill-splitting is appropriate for you. Some drugs, such as pills in a time-release formulation, should not be split because you might get a full dose all at once. Also, since pill-splitting often results in inexact dosages, your doctor may nix the practice if you need a very precise dose. But if you are given the okay, you can buy a pill splitter to help make the cutting task easier and more accurate.
With over 20 years of experience as a personal financial educator and counselor, Vernon Williams has developed in depth knowledge of what it takes to achieve financial success. Today, he is a sought after trainer and speaker by organizations from both the public and private sector. He is the author of 425 Ways to Stretch Your $$$$. He donates 20 percent of all sales proceeds to the American Legion Legacy Scholarship Fund. This fund provides scholarships for children of service members who have been killed on active duty since September 11, 2001. Learn more at legion.org/scholarships
Take the Next Step
Sign up for our free eNewsletter Dollar Stretcher for Parents.
Looking for an answer to a frugal living question? Click here to ask a Dollar Stretcher Stretchpert!
To subscribe, check the newsletters you wish to receive, enter your email address and then click Subscribe.
Each month one TDS reader will win $100 just for telling us your favorite time or money saving idea. It could be you!
Click here to share your idea.
Recent winners are:
- Michelle from NC
- Matt from CO
- Joan from CT
- Joanne in New York
|
Money problems? Struggling with credit card debt? What you need to know about bankruptcy? Trouble repaying student loans?
|
Copyright 1996 - 2012 "The Dollar Stretcher, Inc." All rights reserved unless specifically noted.
Contact the Dollar Stretcher at:
Dollar Stretcher
PO Box 14160
Bradenton FL 34280
Voice 941-761-7805
Fax 941-761-8301
"The Dollar Stretcher, Inc." does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.
| About Us | Privacy Policy | Writer's Guidelines | Sponsorship | Media | Contact Us |
Dollar Stretcher Community
Forums
Blogs
Also In This Week's Issue
In The Dollar Stretcher Community
Reader Favorites
Newsletters
Email
Print
Contact Editor
RSS Feed
Share
Leave a Comment
