There are several ways to save money on health care, regardless the type of medical insurance you may have. Even if you don’t have any health insurance coverage, there are opportunities available to help lower your out of pocket expenses. From finding discounts on dental care to speaking with your doctor about less costly alternatives, doing a little research could lower the amount of money you spend on health care.
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One health care expense that continues to rise each year are prescription drugs. For many people, living without their prescriptions is not an option. Instead of paying full price, it is important to explore the ways to cut these costs to make prescriptions more affordable.
According to recent data published from the National Health and Nutrition Examination Survey (NHANES), Americans spent $234.1 billion on prescription drugs in 2008. This number was more than double what was spent in 1999, just 10 years prior. The study also found that 48% of Americans surveyed had taken a prescription drug within the past month and that 1 out of every 5 children were reported to have taken a prescription.
According to the findings, as new drugs are being introduced and prescribed they are extending and improving the quality of life for many people. At the same time, prescription costs are rising from these new drugs which is putting a financial strain on many families. The most impacted population are those who are without health insurance or prescription drug benefits.
The best way to save on prescriptions is to use generic or over the counter (OTC) medications as opposed to brand name drugs. While opting for generic medications can save a lot of money, they are not always available. Many of the newer drugs that are prescribed do not have generic options which leaves people with few low cost alternatives.
Even when generic brands are not available, there are still a few ways that you can save a little money on your medications. Regardless if you have a prescription plan through your employer, there are some steps you can take to reduce the costs of prescription medications.
Here are 4 ways that may be able to put some money back in your wallet the next time you visit your local pharmacy.
If your prescription plan doesn’t cover a certain medication or if there are no generic options, start looking for coupons. Check the website of the drug manufacturer for any coupons or discounts on their medications. Yes, there are actually coupons available for some prescriptions in case you were wondering.
I was pleasantly surprised to find coupons for two brand name prescriptions that our family gets filled. One was for a $5 off coupon for an annual prescription just for signing up to the company’s email newsletter. The other was for $10 off coupon on a monthly prescription, where the manufacturer will allow you to print one coupon off every 30 days.
While these two prescriptions are still expensive to fill, we are at least able to save $125 per year now. When generics are not available, the next best thing is to start looking for a discount of some sort.
Most national pharmacy’s offer store gift cards for transferring existing prescriptions or filling new ones with them. This can be a good way to put a little money back into your pocket if you don’t mind the minor hassle of switching pharmacy’s from time to time.
National chains like CVS, Walgreens, and Target typically offer these promotions. Last year my wife and I received $50 in these pharmacy related gift cards just by transferring prescriptions. This is another example of how you can offset a portion of the prescription cost when you have no other options.
Speak with your doctor about the actual dosage of medication they are prescribing. Most prescription drugs have an expiration date in which they should be used by. In some cases, you may not need to use the entire dosage before it expires and can opt for a lower dosage that should be cheaper.
A perfect example is a fast acting inhaler used to treat asthmatic patients. I recently discovered that these inhalers come in several different dosage amounts, depending on what your doctor prescribes. Since these inhalers are usually only good for 1 year, a good portion of a 200 dose prescription may be wasted if you carry one of these for emergency use only.
For asthmatics who typically don’t go through 200 doses a year, there is a cheaper alternative 60 dose inhaler. While opting for a lower dosage will probably not work for most prescriptions, it never hurts to check with your pharmacist and doctor for cheaper options.
Take advantage of your flexible spending account (FSA) if your employer offers this benefit. Using an FSA is a way to budget for medical expenses while capitalizing on the tax-free advantages. Since most prescription drugs and many over the counter medications are eligible flexible spending account expenses, it makes sense to take advantage of this benefit if you have it.
If your company does not offer FSA benefits or you are self-employed, you won’t be able to take advantage of this money saving tip. However, you can still use some of other tips provided to help save money on your prescription drug expenses.
Spending just a few minutes doing a little planning and researching can save you lots of money on prescriptions. Just in the past few months my wife and I have saved a couple hundred dollars on prescriptions by asking questions of our family doctor and pharmacists, as well as researching any available coupons. In one case we found out a new generic drug had just became available which brought a $52 prescription down to $9! Add in the $125 in coupons savings, the $50 in store gift cards, and the tax savings of using our flexible spending account and our savings have really added up.
Whether you fill one prescription or have ten, there are a few ways to cut down on this expense. Even if you don’t have prescription coverage, you can lower the costs by doing a little research.
What other money saving techniques do you use on your prescriptions?
Using the internet to find a drug discount program might help to. There are non-profit organizations that offer this type of program.
Ask for a sample from your doctor if it is something that can be taken care of in a couple of doses.
Thanks for sharing your money saving tips on prescriptions! Another way to save more money is to have a larger prescription filled. For example, the 90 days vs. 30 days supply. Your insurance company may provide a lower price for the larger supply. It’s a good idea to check with your insurance to see if its cheaper. You’ll also want to discuss it with your doctor, because it may require a prescription change.
Another tip is to call your insurance to check if they offer any better discounts if you have it filled through the mail using their preferred supplier. This saved me nearly $100 one time. They just had it shipped to my Dr.
Yes, I agree with KP here, my mother who is on blood pressure medication for pretty much all her life is on the mailing program. She is getting generic prescriptions a and because of the fact that she will be on it on a regular basis qualifies her for this additional savings feature. Also, another thing which have work for me is to actually suggest to your physician if a cheaper prescription is an option. I remember last year when I had a sinus infection my doctor prescribed a very expensive antibiotic for 5 days. I asked him if a cheaper medication is an option and he then prescribed me a cheaper type of antibiotics although I ended up taking it for 10 days instead of 5. Bottom line, I got better.
Medicationcoupons.com is a great website to find coupons for all types of medications. I take depression meds and diabetes meds and I was able to get coupons for both of these prescriptions.
Use the coupon code 2SZVN at International Drug Mart and you can get discount on generic medications.
Generics are best way to save, coupons along with it for generics is double bonanza.