Years ago I wrote about how to save money on prescription drugs. I periodically updated the report. It was popular with reporters at a time when consumers were worried about the excessive cost of drugs. This was before Obamacare (2010) when many people did not have drug coverage. While perusing the Internet I ran across a recent article on the same topic. It included many of my old tips, so I thought it worth discussing.
Among the tips were:
- Ask for larger prescription quantities
- Buy in bulk
Followed by
- Go generic
That is something of an odd way to start an article on saving money on drugs. I always tell people the first step to saving money on drugs is the one you take at your doctor’s office. Let your doctor know you are price sensitive. Depending on your condition, you may even want to ask about an over-the-counter drug. The statistic is now dated, but there are more than 700 OTC drugs that were once sold only by prescription. OTC drugs are the best deal (the only good deal) in health care.
Once you and your doctor have settled on a generic drug, check to see if larger quantities –say, 90 tablets rather than 30 – are a better deal. If the cost is still relatively high, consider checking to see if double strength tablets are the same price and consider splitting the pills in half. I have done this; it is not as sketchy as some would have you believe.
- Ask for samples & coupons
Often this is a bad idea. If your doctor gives you a free sample, know that free samples are marketing samples from the drug maker. They are not generic; rather they are an expensive, name brand drug that drug companies want to promote. Use the opportunity to also ask about a generic. If the prescription is for temporary conditions, then take the sample. Accepting free samples for a chronic condition before trying generic drugs is a recipe in how to drain your wallet.
- Shop around
Many people do not realize that prices can vary from pharmacy to pharmacy. I use GoodRx to check prices at area pharmacies. One problem with that is most prescriptions are transmitted electronically rather than on a paper prescription pad. That makes it harder to shop around. If taking a drug for a chronic condition, it is good to check for prices even if it means having to call your doctor and asking them to transfer the prescription to a different pharmacy. I did when a price shot up. I also did this when the pharmacist began questioning a dose/quantity prescribed to my wife.
- Use a prescription discount card
Good idea. It was less of an issue when I wrote Shopping for Drugs reports 15 to 20 years ago but pharmacy benefit managers have consolidated in recent years. Two of the biggest are now owned by health insurers and drug plan cost-sharing is sometimes higher on generic drugs than paying cash.
- Health insurance isn’t always cheaper
Patients may find it is cheaper to pay cash with a GoodRx card than using their drug benefits plan. Ask the pharmacist for insurance prices if they do not provide them automatically and use GoodRx on the website to compare with cash prices.
- Check out manufacturer savings programs
I am leery of this and do not consider it my first choice. Basically, some name brand drug makers offer discount cards to cover patients’ cost-sharing while price gouging health plans. One example is for a pain medication made from over-the-counter ingredients but costs $3,000 a month retail. Of course, drug makers would give you a copay card, they still expect to make a bundle from insurance. Patients have no incentive to buy the OTC version because to them the ($3,000 a month prescription drug) was slightly cheaper. Also know manufactures saving programs are illegal in Medicare/Medicaid as they are considered kickbacks. The cards should be illegal in private insurance as well but are currently legal.
- Use pharmacy rewards programs
I know nothing about these, and they save little. If your favorite pharmacy uses them go with it.
- Online pharmacies
Mail order pharmacies are often your cheapest route. Check Mark Cuban’s Cost Plus Drugs. I have ordered drugs from abroad when there was a significant price difference. The last drug I ordered was from an Israeli pharmacy and the name brand drug itself shipped from London. It was less than one-half the cost locally.
To repeat what I said earlier, the most important piece of advice is to talk to your doctor and do research online.
Read more at: How to Save Money on Prescription Drugs