How much money did you spend on prescription drugs last year? $500? $1,000? So much that you don’t want to think about it?
You probably know as well as any health-care analyst that the cost of prescription drugs is rising like a hot-air balloon. And that insurance covers less and less of the cost.
For some people, the out-of-pocket outlay for prescription drugs extracts little more than a quiet moan at the cash register. For others, it’s truly a matter of life and health.
Some people “solve” the problem by scrimping on food or putting off expenditures like home repairs. Others simply go without some of their medications. A 2002 survey conducted by AARP showed that 1 in 5 older people didn’t fill one or more prescriptions in the last two years, usually for financial reasons.
There are safer and more effective ways to pay less for your medications:
- Get your doctors to help. Doctors rarely think about the health of your bank account when they write prescriptions. But they’re usually happy to help if you mention that you’re worried about paying for medication. There are several things you and your doctor may be able to do, including switching you to a generic version of your medication or switching you to a cheaper brand-name drug that does the same thing.
Split the difference. You expect to pay about twice as much for a two-pound box of pasta as you do for a one-pound box. A gallon of milk costs much more than a quart. But the same pricing concept doesn’t always apply to drugs. Often, you can save money by asking your doctor to prescribe pills in twice the dosage you need. Then you can cut them in half to double the number of doses.
This approach makes sense for drugs that are priced the same no matter what the dosage, or for which the price rises more slowly than the dosage. However, splitting pills isn’t everyone (particularly those with unsteady hands or who might forget to split the pill), and it can’t be done for all drugs. For example, capsules and time-release formulas should never be split.- Shop around for the best price. The same kind of comparison shopping you might do for a car or a coffeemaker can pay off for drugs. If your prescription drugs are covered by insurance, see if the insurer has a mail-order pharmacy. Some offer lower co-payments when you order by mail. Drug prices also vary from pharmacy to pharmacy, so if your insurance doesn’t cover drugs, call around to check on prices. You can also find bargains, or at least quickly compare drug prices, on the Internet. Many brick-and-mortar pharmacies have Web sites that offer discounts on prescription drugs. So do “virtual” pharmacies, which do all their business online. For the most part, shopping for prescription drugs online is safe, especially if you stick with familiar names. One way to tell if the site is legitimate is the VIPPS (Verified Internet Pharmacy Practice Sites) seal of approval from the National Association of Boards of Pharmacy. You can also check with the board to see if an online pharmacy is licensed and in good standing.
- Join a group. Some organizations offer savings on prescription drugs as a perk. If you’re a member of AARP, for example, you can join its MembeRx Choice plan for $15 a year. It offers savings on top-selling drugs.
- Look for low-income options. For example, a consortium of drug companies offers the Together Rx Card. This program provides savings on more than 150 widely prescribed medicines.
- Reduce your need for drugs. If you’re serious about cutting your drug bill, get serious about shifting to a healthier lifestyle. Stopping smoking, following a healthier diet, losing weight and exercising can often decrease or eliminate the need for some drugs, especially blood pressure or cholesterol-lowering medications. Don’t stop taking your pills first and then try to make lifestyle changes. Make the changes first. When you start getting results, then talk with your doctor about medication changes.
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Comments: 26
I think that many doctors are overprescribing meds to many people because they just do.
My Mother in law for instance takes handfuls of pills per day and many of them could be prevented if her doctor would just tell her to stop being a hypocondriac or if her doc would just tell her that she will not write a script just because....
My mother in law has had a quadruple bypass a few years ago but still smokes 4 packs of cigs per day. My MIL goes to the doc at least once per week to be put on a "nerve pill" , "panic attack pill" , "I'm jittery pill", "my heart is palpitating pill" etc.
The doc that my MIL goes to has tried to commit suicide twice and this is the lady that my MIL trusts with her health.
Pills are WAY over prescribed when in many cases, if the patient would take responsibility and lose weight, quit smoking, relax, or just stop a bad habit.
I do realize that there are legit ailments out there but some of the meds can be avoided by the patient if they would just try.
There are docs out there that just prescribe stuff because they promise to the sales reps that they will and there are kickbacks for prescribing.
Any company can formulate and produce a generic of a name brand drug. If "company A" owns a name brand product, they will not be the ones to invent a generic. "company B" would come along and say, "hey lets make a generic for "company a's brand product".
The testing and pipeline time for a product to be released to the public is normally about 4-5 years. There is more to just producing a product and releasing it to the public than most people realize.
The products have to be created, tested, tried, etc and this takes several years to verify the safety to the public of the product.
Our local news station had done a story on finding the best places/prices for Rx drugs.
It would be worth the phone call to Sam's or Costco. I understand that they have some awesome prices and NO MEMBERSHIP is needed.
When a pharmaceutical company first markets a drug, it is usually under a patent that allows only the pharmaceutical company that developed the drug to sell it. This allows the company to recoup the cost of developing that particular drug. It costs on average around $800,000,000 to develop and test a new drug before it is approved for use. After the patent on a drug expires, any pharmaceutical company can manufacture and sell that drug. Since the drug has already been tested and approved, the cost of simply manufacturing the drug will be a fraction of the original cost of testing and developing that particular drug. The brand-name drug companies have tended to litigate aggressively to extend patent protection on their medicines and keep generic versions off the market.
Most drug patents in the U.S. last at least ten years.
YIKES! Thanks for the info, but not what I wanted to hear, obviously! Oh well, I guess I have about another 5 years of paying this outrageous prices then. Bummer
Another great resource for other medical debt issues comes from a web-design client of mine, Georgetown University's Health Policy Institute. At their website, www.healthinsuranceinfo.net/nefe , you can download three free guides to avoiding and managing medical debt. It's another great set of resources for people who want to take charge of the cost of medicine, hospitals and doctors' visits in their lives.
every kind of diabetic medication available. Until 2 months ago, I was injecting Novolin 27cc twice a day and taking two Glypizide 10 twice a day. Two months ago, however, I began to notice that my blood/sugar remained stable whether I took the medications or not. So, I stopped taking the meds; and, I also got off of the 5-meal-a-day diet and eat only when I'm hungry. The result is that I feel much better and have lost 20 pounds over the past 2 months. Is it possible that the doctors misdiagnosed my diabetes? Or, have I possibly reversed my diabetes?
Now, my state has instituted an insurance program and the drug cost is practically nothing.
1) 125
2) 110
3) 100
4) 65
5) 55
I'm supposed to spend $465 a month on drugs right now... And I only made 10,000 last year but have been denied for programs and others are not covered by programs. I usually just don't take my meds and feel miserable...