7 Ways To Save On Prescription Medications

This is a contribution from Syed of The Broke Professional! He runs an up and coming personal finance site for working professionals. On top of that, he’s a practicing doctor. Thanks for the article, Syed!

America is sick. It is reported that around 70% of Americans are on at least one prescription drug and around half of the country is at least on two. That’s a lot of pills for a lot of people.

As a doctor, I can definitely confirm this. I see multiple patients every day who are on a cocktail of medications. This is a tremendous problem – financially and physically. Medications can get expensive, especially if you have to take a lot of them.

So today, I’ve compiled a few ways that I think can really change the game when it comes to paying for prescription medications:

1. Ask For Generic Medications

This should be the first thing you ask your doctor. Doctors may give you a brand name medication because of incentives from a company or just because they are used to writing it. It never hurts to ask for a generic, and there can be huge cost savings. Now, there are times when brand name medication may work better than a generic, but it definitely pays to ask. Usually, it is actually cheaper to pay for a generic out of pocket than a brand name that is covered. Always ask your doctor if there is an appropriate generic medication you can take for your condition.

2. Shop Around

Many people are unfortunately unaware that you will pay different prices at varying pharmacies for the same medication. Call ahead and around to your local pharmacies to see if there might be savings. Some pharmacies even have low prices for commonly prescribed medications. Generally, warehouse stores such as Costco and Sam’s Club have much better prices than other pharmacies. It is definitely worth it to call or visit different pharmacies in your area to get the best price.

I prescribe medications on a regular basis, and when patients come back for their follow up exams I always ask how much they paid. I’ve gotten wildly different answers for the same medication, even with insurance coverage! It really is worth your time to call around to your surrounding pharmacies and get the exact price.

3. Consult The Drug Formulary

To add more confusion to the health maze, not all insurances cover medications the same way. Because of this, it pays to check the formulary, which is the list of medications that your insurance will cover. Insurance might cover medication A for a disease, but not medication B. You should check with your doctor to see if they can preferably prescribe a drug which is already on the formulary. Being prescribed a non-formulary drug and getting sticker shock at the pharmacy is no fun.

4. Ask For Samples

Doctors get bombarded by drug reps who want them to prescribe their companies’ medication. Sometimes they give doctors samples of prescription medications. If the doctor tells you a brand name medication is necessary, be sure to ask for any samples they may have. That will at least give you a few days supply so you can shop around at different pharmacies.

5. Ask For Coupons

Similar to the last point, drug reps sometimes leave coupons for certain medications. Some websites (such as needymeds.org) also have coupons for various medications. Many drug companies have reduced cost programs for certain drugs. It never hurts to ask if something like this exists.

6. Get A Second Opinion

There can sometimes be more than one way to treat a condition. Certain levels of high blood pressure, for example, can be treated with a medication, or simply with diet and exercise. When you get a potentially serious diagnosis and the doctor insists on one way of doing things, it might be worth your wallet to get a second opinion.

You can ask family and friends for any trusted doctors in the area and see if there may be an alternative. In the aforementioned example, controlling blood pressure with diet and exercise may be all that is needed, which can lead to better health overall and definitely some money saved. Some doctors may be quick to pull the trigger on prescribing medications, so that could be the right time to seek another opinion.

7. Use An FSA Account

Many workplaces offer flex spending accounts to their employees. What these accounts do is set aside a portion of your pay for the year, decided by you, and give you a debit card with that amount that can be used on certain medical related expenses. It can be a game to see what exactly is eligible, but FSA money is definitely eligible to be spent on medication.

The main advantage of an FSA is that the money you have set aside is not calculated as part of your income. So instead of using money that has already been taxed, you can use pre-tax money to pay for medication. Even if you do not go to the doctor much, FSA money can be used for other things like dental work or glasses and contact lenses.

As the famous saying goes, prevention is always better than cure. Practicing healthy habits such as staying active every day and eating right will lessen the chance of needing certain medications. Most people need the occasional antibiotic, but conditions such as high blood pressure and diabetes are preventable for the most part. These chronic diseases can be debilitating to your well-being and your wallet. Health can be an asset, just like any bank account you may have. If you don’t take care of it, you will definitely be paying for it down the road. Hopefully some of these tips will help ease the financial burden!