How to Save Money on Prescription Drugs
Updated April 06, 2010.
If you are uninsured or your insurance does cover your prescriptions, getting the medications you need can be expensive. Here's how to get the help you need.
A formulary is a list of drugs that your insurance provider covers in your policy. Not all insurance companies or policies share the same formulary, so it is important to find out if your prescribed drug will be covered by your prescription plan. Your doctor's office can easily find out if the drug is approved during your visit. You may also choose to call or visit your insurance provider's website for information. If the prescribed drug is not in the formulary, ask your doctor if a comparable drug is included in the list.
What's a Formulary?
When Your Insurance Company Won't Pay: 12 Tips
Many insurance prescription plans have tiered copays for brand name and generic drugs. For example, the brand name may be $18, while the generic equivalent is only $9. Generic drugs can also save a bundle for those who do not have an insurance plan and are paying out of pocket.
Talking to your doctor is the best way to find out if a generic equivalent is available and appropriate for you. Tell your doctor that you are interested in being prescribed a generic and he will determine if one is available. Don't assume that just because you aren't automatically prescribed a generic that there isn't one available.
How Much Can I Save if I Switch to Generic?
How to Calculate Your Generic Drug Savings
Are Generic Drugs Safe and Effective?
Prescription drug prices vary from store to store, so you may want to shop around before having the prescription filled at the pharmacy. Walmart stores have implemented a $4 prescription drug program that offers thousands of commonly prescribed drugs at only $4 for a 30-day supply and $10 for a 90-day supply. They also offer many over-the-counter medications at the $4 price point also. Check out the list of drugs covered by Walmart's discount prescription program. Similar discount chains like Target and Walgreens have comparable programs. One store, Meijer, even offers some common antibiotics for free.
Sites that Compare Drug Prices:
Pillbot
Pharmacy Checker
DestinationRX
While getting free samples is not a long-term solution, it can get you by when in a budget crunch. Pharmaceutical companies give doctors tons of samples of several different types of drugs to give to their patients. Explain to your doctor that you may not be able to afford the prescribed medication and ask if any samples are available. Most of the time, doctors are happy to help, giving a more than adequate sample amount. This is also true of over-the-counter (OTC) meds also. Your doctor may have samples of pain relievers or other OTC medications.
What is a Drug Sample?
If you cannot afford your medication, talk to your doctor. Too many people go without their medication because they are ashamed or embarrassed to tell their doctors that they cannot pay for their prescriptions. No one should have to go without their medication because of financial reasons. Doctors realize this and can suggest alternatives or even let you know of special assistance programs you may qualify for.
15 Questions to Ask Your Doctor About Your Medication
Should You Change Your Doctor?
How Well Does Your Doctor Communicate?
A lot of people wouldn't think prescription drug companies offer assistance, but most do. Find out who the manufacturer of your drugs is by asking your physician or pharmacist and checking their website for their prescription assistance programs.
GlaxoSmithKline (GSK) Prescription Drug Assistance
Merck Patient Assistance Program
Pfizer Patient Assistance
Roche Patient Assistance Foundation
Wyeth Patient Assistance Program
Online pharmacies can offer steep discounts compared to brick and mortar stores, even when you are shopping with same retailer. Be wary of using online pharmacies that you are unfamilar with, especially those located in other countries. The FDA does not regulate pharmaceutical sales outside of the U.S., so there is no guarnatee that you will receive a legit medication or a counterfeit version that could cause severe adverse effects. If you would like to purchase your medication online, ask your doctor for a pharmacy recommendation.
How to Find an Honest Online Pharmacy
Before You Buy Drugs Online
If you are uninsured or your insurance does cover your prescriptions, getting the medications you need can be expensive. Here's how to get the help you need.
1. Find Out If The Prescribed Drug is in Your Insurance's Company's Formulary
A formulary is a list of drugs that your insurance provider covers in your policy. Not all insurance companies or policies share the same formulary, so it is important to find out if your prescribed drug will be covered by your prescription plan. Your doctor's office can easily find out if the drug is approved during your visit. You may also choose to call or visit your insurance provider's website for information. If the prescribed drug is not in the formulary, ask your doctor if a comparable drug is included in the list.
2. Consider Using Generic Prescription Drugs
Many insurance prescription plans have tiered copays for brand name and generic drugs. For example, the brand name may be $18, while the generic equivalent is only $9. Generic drugs can also save a bundle for those who do not have an insurance plan and are paying out of pocket.
Talking to your doctor is the best way to find out if a generic equivalent is available and appropriate for you. Tell your doctor that you are interested in being prescribed a generic and he will determine if one is available. Don't assume that just because you aren't automatically prescribed a generic that there isn't one available.
3. Compare Prescription Drug Prices
Prescription drug prices vary from store to store, so you may want to shop around before having the prescription filled at the pharmacy. Walmart stores have implemented a $4 prescription drug program that offers thousands of commonly prescribed drugs at only $4 for a 30-day supply and $10 for a 90-day supply. They also offer many over-the-counter medications at the $4 price point also. Check out the list of drugs covered by Walmart's discount prescription program. Similar discount chains like Target and Walgreens have comparable programs. One store, Meijer, even offers some common antibiotics for free.
Sites that Compare Drug Prices:
4. Ask Your Doctor for Free Samples
While getting free samples is not a long-term solution, it can get you by when in a budget crunch. Pharmaceutical companies give doctors tons of samples of several different types of drugs to give to their patients. Explain to your doctor that you may not be able to afford the prescribed medication and ask if any samples are available. Most of the time, doctors are happy to help, giving a more than adequate sample amount. This is also true of over-the-counter (OTC) meds also. Your doctor may have samples of pain relievers or other OTC medications.
5. Talk to Your Doctor
If you cannot afford your medication, talk to your doctor. Too many people go without their medication because they are ashamed or embarrassed to tell their doctors that they cannot pay for their prescriptions. No one should have to go without their medication because of financial reasons. Doctors realize this and can suggest alternatives or even let you know of special assistance programs you may qualify for.
6. Apply for Assistance from Pharmaceutical Company
A lot of people wouldn't think prescription drug companies offer assistance, but most do. Find out who the manufacturer of your drugs is by asking your physician or pharmacist and checking their website for their prescription assistance programs.
7. Buy Your Prescription Drugs Online
Online pharmacies can offer steep discounts compared to brick and mortar stores, even when you are shopping with same retailer. Be wary of using online pharmacies that you are unfamilar with, especially those located in other countries. The FDA does not regulate pharmaceutical sales outside of the U.S., so there is no guarnatee that you will receive a legit medication or a counterfeit version that could cause severe adverse effects. If you would like to purchase your medication online, ask your doctor for a pharmacy recommendation.
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