U.S. prescription drugs, along with other health care costs, have been on the rise for several years. According to
a report from AARP in April 2009, the costs of the 219 most widely used brand-name drugs had increased by 8.7% from 2008 to 2009 (roughly a $550 increase in one year), while generic drugs increased 3.8% over the same period of time.
With predictions from the Centers for Medicare and Medicaid Services (CMS) that prescriptions costs are expected to increase to $1,537 per person by 2017 (up from $761 in 2007), it is more important than ever that individuals - and especially seniors on fixed incomes - find ways to save on prescription medicine.
Prescription Saving Options
It may seem that finding affordable ways to pay for medication is next to impossible with prescription RX/coverage costs through health insurance companies on the rise. But don't be discouraged as there are ways to save available.
Here is a list of options you could consider to help you save on your medication costs:
1. Ask for generics: Studies show that generic drugs could save patients between 20 and 80% on their medication costs. So when your doctor prescribes your prescription drugs, it's a good idea to ask if there are generic equivalents available.
2. Work with major pharmacies: Some national stores that have incorporated pharmacies often offer prescription drugs at discounted prices. Target, Wal-Mart, Publix and even some local grocery stores make generic drugs available for $4 - or even free for antibiotics in some cases.
3. Buy your drugs in bulk: Some pharmacies are offering discounted prices on drugs that are purchased in bulk. For instance, Rite Aid offers a 90-day prescription program for $15.99. When at your doctor, you want to ask for a 90-day prescription to take advantage of the great bulk prices out there.
4. Take advantage of discount cards: Organizations like AARP offer discount cards to members to help them save on prescription medicine. If you don't belong to an organization that offers a discount card, you might take advantage of the FamilyWize program through United Way, or other great charitable organization programs. Also, companies like Pfizer and Merck offer programs for those who struggle with affording prescription drugs.
5. Look for state pharmaceutical assistance programs (SPAPs): Many states offer drug assistance programs for low-income individuals and families, and senior citizens. The National Conference of State Legislatures (NCSL) Health Program offers great information about whether your state has an assistance plan.
6. See if samples are available: Some prescription drugs are available in samples at your doctor's office; however, not all are. It never hurts to ask. So before your doctor writes another prescription for you, inquire about all the free samples available to help you save on medication costs.
7. Find Medicare assistance: If you are currently enrolled in Medicare, there are programs specifically geared toward assisting you, including Extra Help, which covers prescription costs for beneficiaries while stuck in the donut hole, as long as you fall below a certain income. Also, you could consider Medigap insurance that requires a premium but offers great prescription RX/coverage while in the hole.
8. Open a flexible spending account: Many employers offer tax-deductible flexible spending accounts that help employees pay for medical expenses, including prescriptions. However, it's good to keep in mind that the money you have deducted from your check and placed into this account will be lost if not used - so be sure to manage it wisely.
It's also good to keep in mind that you could potentially save money by not needing prescription medicine at all. So at your next doctor's appointment, why not inquire about a good diet and exercise routine to take on? By staying healthy, you may be able to reduce or eliminate your need for drugs.
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