Save Money on Prescription Drugs: 8 Cost-Saving Strategies
Save Money on Prescription Drugs: 8 Cost-Saving Strategies
By Emily Mullin
September 1, 2011
As the economy lags and healthcare costs continue to rise, many Americans are dishing out more out-of-pocket costs for healthcare expenses, and one primary cost driver is for medications.
Making sure seniors have access to the medications they need is vital since research shows that poor medication adherence often results in adverse health outcomes. According to a 2010 study by the Center for Health Transformation, approximately 125,000 Americans die annually due to poor medication adherence. Additionally, 10 to 25 percent of hospital and nursing home admissions are caused by the inability of patients to take their medications as prescribed and directed.
Whether they’ve been laid off and lost their health insurance or their health conditions are complicated and require several prescriptions, patients are finding it more and more difficult to pay for prescription drugs. For older Americans on a fixed income, budgeting for medication expenses can be especially challenging.
Making sure seniors have access to the medications they need is vital since research shows that poor medication adherence often results in adverse health outcomes. According to a 2010 study by the Center for Health Transformation, approximately 125,000 Americans die annually due to poor medication adherence. Additionally, 10 to 25 percent of hospital and nursing home admissions are caused by the inability of patients to take their medications as prescribed and directed.
Here are some safe ways to save money on prescription drug costs without having to cut corners or go without an essential prescription:
- Talk to your doctor about prescription costs. Before you leave your appointment, talk to your doctor about how much medications he’s prescribing are going to cost you. You shouldn’t hesitate to talk to your doctor about prescription costs, especially when many older Americans are struggling with the financial burden of their healthcare. Also, doctors sometimes get coupons from drug companies, which could help you out with the cost of various prescriptions.
- Switch to generics. A generic version of a brand-name drug will often become available after the drug has been on the market and its patent expires. Generic medications are the same as name brand drugs in dosage, strength and safety and they are typically just as effective as its brand-name counterpart – yet they are about one-third the price. Ask your doctor if you are able to switch to a generic drug.
- Ask your pharmacist for less expensive options. If your doctor can’t recommend another medication for you, speak to your pharmacist about whether there is another medication available that would be just as effective but cheaper.
- Use Medicare discounts. If you receive Medicare benefits, you can use AARP’s Doughnut Hole Calculator at www.aarp.org/doughnuthole to learn how to avoid the coverage gap, or doughnut hole, where you have to pay all of your prescription costs. Print a letter for your doctor for each medication alternative that may save you money. Also, the Affordable Care Act of 2010 allows Medicare Part D recipients who reach the coverage gap to now get a 50 percent discount on brand-name prescription drugs at the time of purchase.
- Use a mail order service. You can often get prescriptions cheaper through mail order services. Though this won't work when you need medicines immediately such as for an antibiotic for an infection, but mail order can work well for medications you need to take over the long-term.
- Find a prescription assistance program. Pharmaceuticals run prescription assistance programs to help individuals who cannot afford to buy their medications. Consumer Reports offers a how-to guide on choosing a prescription assistance program. Another online tool is http://www.rxassist.org/. Most states also run their own prescription assistance programs.
- Don’t split pills unless you talk to you doctor first. Sometimes you can actually save money by asking your doctor to prescribe a double dosage of a drug and then splitting the pills in half. But some drugs should never be split. Always consult a doctor or pharmacist before splitting pills. There are safe and unsafe ways to split drugs.
- Compare drug prices online. Organizations like AARP and the federal Agency for Healthcare Research and Quality (AHRQ) can help you compare the benefits, side effects, and costs of medication to treat specific health conditions. Both of these groups have free online guides to help you make smart choices when purchasing your prescriptions. You can also log onto AARP’s online drug saving tool here.