How to save money on medications

Here are eight strategies to significantly lower the cost of your medications:

    1. Shop around. Yes, I know you love your Pharmacist at XYZ Pharmacy, but hey, if you need to pick up a medicine or two at a different pharmacy because it could help you pay your bills or buy more coffee, that’s exactly what you should do. However, make sure your regular Pharmacist knows the name of the medication you are picking up at another pharmacy, just so they can make sure there are no drug interactions.
    2. Switch to a generic. In most situations, taking a generic medication instead of the brand will have the same exact effect in your body. There are some exceptions and cases where your body can respond differently, but it is rare and usually only relates to hormone-type medications. What if switching from a brand name medication to a generic one can saves you $50/month? That’s an extra $600 in your pocket per year!
    3. Stop the combo tablets. Sometimes your doctor will prescribe a medication for you that has two medications in one tablet. I mean, who doesn’t like a 2-for-1. Even though it’s more convenient, combination pills usually come at a price. Talk with your pharmacist to see how much you can save by getting two separate prescriptions instead of one combo pill.
    4. Be Creative. If you’re taking a medication that comes in 50 mg tablets, see if that medication is available in 100 mg tablets that you can cut in half. Your insurance may charge you the same copay, but now this medication would last you 2 months! Although this strategy doesn’t apply to capsules and many extended release tablets.
    5. Check your formulary. Your insurance likely has a formulary of preferred medications. If you’re taking a medication not on formulary, you may be paying a higher copay every month. By switching to a similar medication on formulary, you could be saving on your copays!
    6. Check preferred pharmacies. Just like a drug formulary, your insurance may have a list of pharmacies they prefer you to pick up your medications at. If you go to a pharmacy out of network, your copay may be higher than if you went to a preferred pharmacy.
    7. Ask about 90-day discounts. Some insurance plans provide you with a discount if you get a prescription filled for 90 days at a time. Call your insurance company to see if your plan offers this to you.
    8. Check OTC. Some medications, like Flonase and Nexium, used to be only available with prescription, but are now available over the counter (OTC). Depending on your copays, asking your pharmacist where to find a medication OTC may be much more affordable.
    9. Check for coupons. In general I don’t like the long term effects of using drug coupons (to be covered in another article), but I do understand the short term practicality of them. If you’re taking a brand name medication, there are likely coupons available directly from the manufacturer. If you’re taking a generic, coupons like those from GoodRx or Blink Health provide a great discount, although some pharmacies are starting to deny the use of these due to charges accrued from these companies.

If you have more questions or would like to see how these strategies can be applied to your medication regimen please email me at richard@medvize.com.

Thanks for reading and take care!

By | 2017-05-19T03:22:11+00:00 May 5th, 2017|Health|Comments Off on How to save money on medications

About the Author:

Dr. Richard Waithe is the Founder of MedVize, a personal medication management company. He is a practicing community pharmacist and is passionate about helping individuals better manage their health and medications.