How to Save Money on Medication

The cost of medications, both prescription and over-the-counter, are burdening many household budgets. Without insurance coverage many people do without needed medicine. If you are not accustomed to fitting medication into your budget or experience a change in your insurance coverage, you may be paying more for drugs than is required. Use the following tips to save money on medication--and in some cases obtain needed prescriptions for free.

Difficulty: Moderate

Instructions

Things You'll Need:

• Comparison shopping
• Insurance information
• Physician consultation
• Health savings plan (optional)

How to Save Money on Medication

1. Comparison shop for a pharmacy and obtain quotes on the prescriptions in question. Pharmacies aim to be competitive but it is not usual to see a 50 to 100 percent price difference in some cases. Ensure that the pharmacy can meet other needs, such as hours of operation, as well as provide the ability to save money on medication.

2. Obtain a generic formula when able, though inquire with your physician about any differences in effectiveness. Brand names are preferred in some cases. Learn the generic names for the over-the-counter medications you use. A bundle of savings can be found for common remedies used for allergies, colds and pain relief.

3. Evaluate your insurance policy or contact a representative to see if you can save money on medication. This may require a change to a similar medication or a switch to a 90-day supply. Mail-order pharmacies may also be a preferred discount option.

4. Look to pharmacies such as Wal-mart which are well known for offering a substantial variety of medications for less than the cost of most co-pays. As new medications are added, discuss possible alternatives with your doctor.

5. Save money on medication by taking advantage of a health savings plan with your employer. You may find tax advantages that are worthwhile when essentially contributing to your health plan in advance of your needs.

6. Look to the drug manufacturer's website for information on obtaining assistance for medication if you are indigent or have low-income. Additional sources for these programs include health non-profit groups and organizations such as the Partnership for Prescription Assistance (pparx.org).

7. Investigate if you can save money on medication with the AARP pharmacy, should you qualify for membership. Some savings are substantial for participating members.

8. Be proactive during your doctor visits. Sometimes physicians are unaware of the financial burdens imposed by medication, especially if your financial or insurance situation changes. Additionally, new medications or generics may be made available that can serve to replace one or more drugs that you are currently taking.

Tips & Warnings

• If you take an over-the-counter medication regularly, you may be able to save money by asking your doctor to write a prescription for the drug instead.
• Generally you can save more money on generics at a dedicated pharmacy than at the grocery store. You may even find additional savings online.
• Consider if you need the medication if it is designed for symptom relief. For common ailments, not limited to colds or flu, there may a cost-effective home remedy available.
• Avoid changes in your medication without consulting a doctor.
• Be wary of using online pharmacies to save money on medication, unless they are familiar to you and hold a good reputation.

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