Thoughts & Tips: Save Money on Your Prescription Medications

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Save Money on Your Prescription Medication

It appears these days that the dollar is losing its elasticity...it is just not stretching as far as it should...and everyone is looking for ways to save money. In efforts to save money we might forego some of the little treats we afforded ourselves in the past however if you are like others taking prescription medication...you are stuck with a large monthly bill for prescriptions that is not going to go away. So, I have compiled some questions, thoughts and tips for how you might reduce or even possibly eliminate your monthly prescrption cost. Some may be simple solutions and others may require a bit of research on your part. However if you are willing to take a bit of you time to look into some of these suggestions, you might be surprised with what you find and in the end save a little money. Though I can not guarantee you will save money or how much you wil save, I hope you will agree it is worth a little of your time to look into it a bit further.

What Are People Paying for Prescriptions? 

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#1 - Do You Need to Take the Medication? 

What Medication Are You Taking and Why?

Okay, humor me here. You are probably thinking "of course I need to be taking this medication" and you are probably right. However, we have to begin somewhere and it is not unreasonable to make sure it is necessary to begin this process in the first place. So, to begin I recommend making a list of your medications (see more detail instructions below), what they are for, approximately how long you have been taking them and what you are paying for them monthly.

Note: Whether or not you save any money or not as you go thru this process you have already taken a big step in being an active participant of your health care. It is important to know what medications you are taking and why.

Take this list with you when you go to visit your healthcare provider and review it with him/her. Start the topic with something like..."I am taking all these medication and they are costing me a lot of money every month. Do I still need to take them?"

Understanding Your Prescription Medications 

What, Why, When, How much?

Start the process by knowing what medications you are taking and why! Since you are making a list, do not forget to include over-the-counter medications, supplement such as herbal medications and vitamins. Also, do not forget eye drops, topical medications and those you take on an as needed basis.
  1. List what medications you take.
  2. Identify the dosage and how frequently you take them.
  3. Indicate if they are obtained by prescription or over-the-counter.
  4. Indicate the reason why you take the medication.
  5. Write down how much you pay monthly for the medication.
  6. List the prescriber of the medication if you are getting medication prescriptions from different prescribers (e.g. your eye drops for your glaucoma might be prescribed by your eye doctor but your blood pressure medication is prescribed by your primary care provider)

CAUTION

Never stop your prescription medications without discussing it with your healthcare provider first. Though you may think you are saving money it may cost you a lot more in the long run.

#2 Can You Use An Over-the-Counter Medication Instead? 

Prescription vs. Over-the-Counter Medication

So you are taking medication on a regular basis and paying a lot of money for it. The next step is find out whether there is a less expensive over-the-counter alternative. Do not get caught up in the hype that all prescription medications are preferable to over-the-counter medications. There are reasons of course why some medications are prescription and some are over-the-counter but for the purpose of this discussion we are just focusing on cost.

Again, speak with your healthcare provider or your pharmacist to answer this question. Is there a less expensive over-the-counter medication that you could use instead of the more costly prescription medication?

Wal-Marts $4 Over-The Counter Plan

Wal-mart has added a number of over the counter medications to their $4 plan. Check out the list at:

http://i.walmart.com/i/if/hmp/fusion/OTC_drug_List.pdf

Consider This...

If you take over-the-counter medications on a regular basis, you might actually save money with a prescription from your healthcare provider. Pull out those receipts and see how much you are spending monthly on those over-the-counter medications. Check in to generic Rx programs!

#3 What is Preferred? 

Are you taking a "Preferred" Medication?

You may have heard of this but it is good to mention just in case. Medication are categorized into classes based what they are used for. Within each class there may be subclasses based on how the medication works. Typically there are at least a couple medications in each subclass. Insurance companies often have "preferred" medications in each subclass, likely because that medication saves them money if prescribed over other medications in the same class. As a result medications that are 'preferred' by your insurance company will be less expensive for you. Check with your pharmacist or insurance company and see if you are taking their preferred medication. If not, ask what lower cost medication alternatives are available. Review what you find with your healthcare provider and see if those alternative medications will work for you.

Prescription vs. Over-the-Counter 

What do you prefer?

Despite having similar medications available over-the-counter, (cost aside) some folks prefer getting those medications prescribed by their healthcare provider rather than buying the over-the-counter version.

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Consider This...

Talk to your pharmacist about cost savings from splitting pills. By doubling the pill dose and taking half the pill (and therefore only needing half as many pills per month) you may save a significant amount of money. Keep in mind though that not all pills can be safely split. Ask first!

Pill Organizers 

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Apex Pocket Med Pack with 7 Day Tray

Apex Pocket Med Pack with 7 Day Tray

Seven daily pill boxes, each has two compartments; more...0 points

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7 Day Pill Box Organizer 2 Compartment Blue Tray

7 Day Pill Box Organizer 2 Compartment Blue Tray

Color coded for each day. 2 Compartments for each more...0 points

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16 or 28 Day Wallet Pill Organizer

16 or 28 Day Wallet Pill Organizer

Great for medications or vitamins. This unique wal more...0 points

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Twice-a-day Weekly Pill Organizer

Twice-a-day Weekly Pill Organizer

If you are taking medication at two times every da more...0 points

#4 Are you Buying in Bulk? 

Are You Filling Your Prescription Monthly or Every Three Months?

Ever been to the bulk section in the grocery store? It is amazing the deals you can get (especially on spices)! Well, medication is no different. Many insurance companies and pharmacies offer discounts if you buy your medication in 'bulk'. This typically implies obtaining a medication you take regularly in a 90 day (3 month) suppply rather than a 30 day (1 month) supply.

In order to do so, you might have to sign up for your insurance "mail in" pharmacy program, however the cost savings can add up. Not only might you save money on your prescription medications, you will save time since you will not be going to the pharmacy every month to fill a prescription. This of the gas you will save as well!

Also, check with your local pharmacy. You might find that certain medications (often generic medications) purchased as a in three month supply may be much less expensive than getting them filled monthly.

Consider This...

Getting a 90 or 100 day supply rather than a 30 days supply of the same medication could save you up to 33%.

Name Brand vs. Generic Medications 

How do you feel about generic medications?

How are you influenced by name brands? Do you prefer the name brand medication or is the generic version just as good?

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#5 Is There a Generic Alternative? 

Generic medications can save you a lot of money.

Generic medications are a great way to reduce your monthly pharmacy bill. Many of the name brand medications prescribed today have reasonable generic alternatives that are substantionally less expensive that their name brand counterparts. Your healthcare provider and pharmacist are great resources to help you find generic alternatives to the name brand medications to you are taking.

Generic Rx?

Unfortunately not all name brand medications have generic alternatives. Also, there may be some name brand medications your healthcare provider prefers over the generic alternative.

#6 Have You Considered a Patient Assistance Program? 

Patient Assistance Programs can provide reduced cost or free medication to those who qualify

Patient assistance programs are exactly that. These are programs that offer reduced cost as well as free medications to individuals that qualify. Qualification is usually determined by income though there may be other criteria as well. Each program has some process or application in order to determine eligibility. This process varies in complexity but the time may well be worth it in the end if you can save some money or even get your medications for free. There are several websites (see below) that provide tools to research your medications, identify programs you might be eligible for and give links to materials you need to apply.

Reduced Cost Medications 

Rx Outreach Patient Assistance Program for Discount Prescription Drugs
Rx Outreach is a new Patient Assistance Program that provides discount prescription medication to qualified low-income individuals and families. Those who qualify for this prescription plan can receive their prescription medication by mail.

Consider This...

Sample medications are not a good long term option for reducing your medication costs. What if your healthcare provider runs out of that medication? Before accepting sample medications, consider what your long term medication options will be. Will you be able to afford to continue the medication?

Getting medications from other countries is not a good option for saving money on your prescription medication. Keep in mind that these medications are not regulated by the US Food & Drug Administration. That means there are no guarantees the medication you think you are getting is indeed the what it is...either in type or potency.

Let me know what you think! 

Did you save any money?

I hope you enjoyed your visit! If you have a minute, please leave leave a message...and check out my other lenses.

All the best!

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by Mom_of_Two_Boys

Hello. No surprises! I am indeed the mom of three boys, Ethan, Gavin & Devon. Mom is just one of the many roles I play. My children are great source o... (more)

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