Save Money on Prescription Drugs With These Simple Strategies

Apr 08

Save Money on Prescription Drugs With These Simple Strategies

Prescription medications are expensive – everybody knows that. The numbers make the case even more plainly. In 2013, Americans spent $271 billion on prescription drugs, average out to slightly more than $1,000 per person annually. The question is obvious: how can consumers bring these costs down to a manageable level?

Check manufacturers’ websites for copay coupons and patient assistance programs

Drug makers realize that insurance is not a cure-all, and that not all consumers have limitless resources for out-of-pocket expenses like copays. Many have therefore launched special programs to help people afford costly medications. Copay coupons, for example, reduce or eliminate the copay on prescriptions for consumers who have medical insurance; this is particularly useful in the case of newer drugs that don’t yet have a generic version. More information on copay coupons is available at http://www.manufacturerdrugcoupons.com/.

Pharmaceutical companies also create patient assistance programs to ease the burden on people and families who have especially high prescription costs. These programs are typically based on income. Interested consumers can learn more about both the copay coupons and patient assistance programs by searching pharmaceutical companies’ websites and speaking with their doctors and pharmacists.

Investigate third-party prescription discount cards

Many voucher and discount card program exist with the sole purpose of easing the financial burden consumers face every time they head to the local pharmacy. Medication discount cards, like those found at http://medicationdiscountcard.com have no eligibility requirements, cost nothing and are breathtakingly easy to use. Members save upwards of 75% on drug costs, and these cards are gladly accepted at most pharmacies nationwide.

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Ask for generic and save boatloads of cash

Generic drugs cost up to 95% less than their brand name counterparts. For practical purposes, the drugs are the same. In terms of dosage, delivery method, formulation, effectiveness and safety, generics and brand name drugs are indistinguishable. Patients should make sure their doctors know they want generic options whenever possible. It’s a good idea in general for people to have a personal finances discussion with their doctors at some point.

Loyalty has benefits – but shop around for the best pricing

Filling all of one’s prescriptions at the same pharmacy has some advantages, such as building up a personal relationship with the pharmacist and having one’s records all in the same place. However, few people realize how much variance there might be on the cost of an identical prescription at different pharmacies. What costs $200 at Pharmacy X may only cost $50 at Pharmacy Y. Shopping around is the smart choice, clearly.

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Tying it all up

High prescription drug costs aren’t going anywhere. One reason for drugs are so expensive is that the US is a world leader in drug development and testing. The US bears all the initial costs of a new drug, including the cost of failure, while other nations reap the benefits success. Of course, the average consumer is not concerned with why prescriptions cost so much; he or she only wants to know how to save money. Following each of the above tips can help consumers do exactly that, saving as much as 50 to 75% on prescription drug costs.

Note: The information above is intended to supplement, not substitute for, the expertise and judgment of your physician, pharmacist or other healthcare professional. It should not be construed to indicate that use of a drug is safe, appropriate, or effective for you. Consult your healthcare professional before using any drug.

Jeremy Duboys is the founder of Medication Discount Card LLC.  Medicationdiscountcard.com was started to provide discounts on prescription medication to those who need it most.  MDC’s main goal is to provide its users with largest savings possible and have saved members over $10,000,000 in the past 3 years.