It's been four years since I posted about prescription medications, so it seems time to do it again.
Despite federal and state legislative actions, by and large pharmaceutical costs have continued to soar leaving many Americans struggling to afford needed prescription medication.
Familiesusa.org reports that almost a third of people across the U.S. have not filled prescription or followed a prescription regimen specifically due to cost. 20% of seniors report that they ration or skip taking their medications.
Due to cost, 1 in 5 seniors takes less than the prescribed dosage trying to make several months of a prescription last an entire year. Some seniors take their meds faithfully until they hit the donut hole (the phase when Medicare Part D requires the patient begin paying 25% of the cost for the medications), then they don’t take their medications again until the following year when Medicare Part D begins paying again.
Knowledge is power. And while I don’t have a perfect solution, the information below will make some medications affordable for some people.
When the doctor’s office asks which pharmacy you use, these five words could save you a small fortune: “I’d like paper prescriptions, please.”
While electronic prescriptions are convenient, not shopping for your prescription medications can be a VERY costly. The price of prescription medication differs drastically between pharmacies.
In my own neighborhood with no insurance savings, the out-of-pocket cost for Atorvastatin, the generic version of Lipitor (a common cholesterol medication), is $55 at one pharmacy and $13 at another pharmacy within walking distance. Evista (a drug used to reduce the risk of invasive breast cancer in postmenopausal women) is $183 at one pharmacy and only $39 at another pharmacy just 2 miles away! Differences like these are not uncommon.
Paper prescriptions allow you the opportunity to search online or make a few phone calls to determine where you can purchase non-emergency prescription medications for the lowest price. Before you settle for high prescription prices, check these resources to help find the BEST deals available to you:
Retail Discount Programs
For several years, discount plans disappeared from most retail pharmacies. A few chain pharmacies have brought them back, though consumers are often not aware.
Sam’s Club members get exclusive access to a 30-day supply of several medications for $4. Sam’s Plus Members receive some medications for free.
Wal-Mart Prescription Program provides a 30-day supply for $4 and a 90-day supply for $10, of commonly prescribed dosages of some generic medications.
Costco Pharmacy prices are very competitive, and you don’t have to be a member to use a Costco pharmacy. For members, the Costco Member Prescription Program Discount Card or CMPPDC provides an additional savings of between 2% and 40%. If you are already a Costco member, there is no additional cost to join.
Pro tip: The medications that are included on the various Discount Drug Programs change. Be sure to check your medications against these programs at least bi-annually if not every quarter!
Apps that Help You Compare Prescription Drug Prices
Local Pharmacies
It's important to understand that when using pharmacy discount programs, the price of your medication will not apply to your insurance deductible or annual out-of-pocket cost.
One last note: If your insurance carrier stops covering your prescription or if the copay for a prescription suddenly increases to a higher tier, there’s a good chance your particular medication has lost its patent and a generic version is likely available. Follow up with your doctor and ask if switching to a generic is an option for you.
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