Dear Terry,
If you are one of the 70% of adults that use prescription medications, this article should be helpful. Read on for some money-saving tips.
|
| U.S. Drug Spending Tops $200 Billion
Over five times the spending in 1990. |
|
It was not so long ago that many of us did not worry about the cost of prescription medications. These costs were all paid by our employers, or we might have made a small co-pay of $5 or $10 per prescription. Doctors didn't worry about costs either, because their patients were not on the hook. In fact, doctors often followed the advice of pharmaceutical representatives.
Today we are all more aware of how expensive drugs are because we are paying for them. They are so expensive that 25% of prescriptions are not even filled, primarily because of price. For many seniors, prescriptions are their largest single expense, often over $300 per month.
So, what can we do about it? For starters, we can be smart with how we spend our money. See the next article for some money-saving tips. |
| The Top 4 Ways to Save on Prescriptions
Money-saving tips you can start right now. |
|
1) Use your plan's drug option. Most people with a health plan find that spending $40-$50 per month for the prescription drug option saves them several hundred dollars per year. Keep in mind you can always drop this benefit at a later date depending upon your current usage. Adding this option later may give the insurance company the opportunity to underwrite your entire policy, possibly resulting in a higher premium.
2) Shop internationally. Some countries have the same or better standards for prescription drugs as the U.S., but the drugs carry a much lower price tag. One such country is Canada. But don't stop there. High quality prescription drugs are also available from Australia, EU Countries, Israel and New Zealand. PharmacyChecker.com is a good Web site for checking out prices from quality pharmacies overseas.
3) Get a drug discount card. If you have employer-sponsored health insurance, you may already have a decent discount card. If you don't, you should get one and start saving 10-25% on prescriptions. There are over 70 drug discount cards on the market today, and most of them are free. Not all drug discount cards are the same, nor are the cost savings the same for every prescription you are trying to fill. You might want to have several cards, and use the one that is cheapest for the prescription you need to fill.
4) Use a different drug. Ask your doctor whether a generic will provide the same results. If a generic is not available, ask if there are cheaper drugs in the same class. This is called therapeutic substitution. Ask whether you can use over-the-counter medication. A classic example of this is Pepcid. Doctors may prescribe a 20 mg dose of Pepcid for $60 per month whereas the over-the-counter version of 10 mg (taken twice to equal the same dosage of 20mg) only costs around $23 per month.. |
|
|
BudgetLife.com, on the Internet since 1996, provides consumer services for mortgages, insurance, and annuities. As independent agents, we have access to hundreds of lenders and insurance companies. So consumers will always receive the absolute best deal available for their financial needs.
Best wishes from our family to yours,
All the Burts
BudgetLife Financial Services
(800) 505-9412 | | |
|
