Five Tips for Managing Your Prescription Drug Costs
Posted: July 12, 2016
The growing cost of prescription drugs can be a painful blow for any pocket book to bear. Reuters recently found that four of the nation’s top 10 drugs’ costs increased more than 100 percent since 2011 and the six others went up more than 50 percent. While the attention this sharp increase has drawn from industry players and policy makers alike may lead to solutions, what can be done TODAY to save on your prescriptions? Here are just a few ideas:
- Comparison shop. Reach out to a few local and chain pharmacies to compare the price of your medication both with and without your insurance plan. If you are insured, you may be able to compare the cost at area pharmacies with an online tool offered by your plan. However, there are times when the cash price could actually be less that the insured price, so be sure to ask your pharmacist for the best price (note: be sure to check your plan to see if you can file a claim later for credit toward your plan deductible and spending limits).
- Take advantage of manufacturer programs. Manufacturers want you to use their drug and offer incentives to make sure you do. Search online for coupons, rebates, and assistance programs BEFORE picking up your prescription from the pharmacy. These programs will help make your drug more affordable or even provide it at no cost to you. Some programs may be income or condition based, though many are available to all consumers.
- Choose your health coverage wisely. When electing your health or drug plan, be sure to consider the cost of your medications along with the premium for the health plan, overall out-of-pocket costs on the plan, and your ability to cash flow unexpected costs. Plan designs can be deceptive so be sure to seek plan advice from a licensed agent/broker who knows the ins and outs of the plans offered in your state.
- Ask questions and be your own advocate. When talking to your doctor about any health condition, be sure to ask about all treatment options and side effects. While medication may seem an easy solution, you may find alarm in the side effects or decide that a lower cost generic or alternate treatment method such as a change to lifestyle may accomplish the same result. You may also discover your doctor can provide samples or recommend pill splitting as many dosages are the same price at the pharmacy (i.e. You may be able to fill 40mg and split into 2 tablets to equal a 50% savings on your 20mg medication).
- Talk to your health insurance broker. Your independent agent/broker is there to support you and your employer to make the most of your insurance program. If you need help finding the inside scoop on resources such as those listed above, call your broker at Innovative Insurance Group.
