Financial Tips
How to Save Money : Managing the High Cost of Prescription Drugs
Prescription drugs can be one of the hardest parts of a household budget to control. It’s important to stay healthy, not only for your own well being but to avoid even greater costs in the future. But with drug costs rising and insurance companies tightening their coverage, filling prescriptions can produce as much anxiety as the illness itself.
Fortunately, there are ways to handle the cost within your budget. The consumer credit counseling experts at Credit Counselors have developed strategies to effectively manage your debt from prescription costs.
Examine your insurance. Talk to your employer and your physician’s office about your coverage and whether it works well for you. Consider a Flexible Savings Account or a Health Savings Account, where you can deposit part of your pay tax free to pay for medical costs. If you’re a senior, look into Medicare Part D, which could allow you to pay less for prescriptions, and see how it would fit with any supplemental coverage you have or that you’re thinking about.
Compare pharmacies. Pharmacies have become much more competitive in recent years, with some chains offering certain prescriptions for one low fee. Other drugstores are offering a prescription drug card that offers discounts. It really pays to see what’s available.
Talk to your pharmacist. Your pharmacist may have suggestions about ways you can save money on prescriptions.
Know what’s covered. Usually your health care insurance plan will publish a list of the drugs it covers and at what levels, called a formulary. It’s wise to keep this handy so you can quickly refer to it when your prescriptions change.
Ask the doctor. Don’t be shy about pointing out to your doctor that a prescription is especially expensive. She may know of an equally effective medicine that costs less.
Switch to generic. The generic equivalents for prescriptions, when available, can cut your cost by half or more.
Split the pills. Sometimes buying a larger dose and splitting the pill can give you considerable savings. However, talk to your doctor or pharmacist first, as there are prescriptions for which this would be unsafe.
Order online. For long-term medications, ordering online or by mail and in bulk can save you money. See if your health plan has partnered with an online pharmacy, and make sure you pay attention to expiration dates on the medicine.
Got a headache from thinking about all the choices in prescription drug plans? The experts at Credit Counselors are available to help you manage your health care and prescription drug costs within your household budget.
