Just like medical research, drug research carries a hefty price tag. Guess who those costs get passed along to? Drugs are getting more expensive, which is forcing consumers to get creative in finding ways to make their medication needs more affordable. Here are some of the most effective ways to save on prescription drug costs:
- TALK TO YOUR DOCTOR – Your doctor is your partner in achieving and maintaining good health. Show your doctor your Tennessee health insurance plan’s formulary (a booklet listing the medications it will cover) and discuss different medication options to determine which are best for you.
- ASK FOR GENERIC DRUGS – Generic drugs are not less expensive because they have inferior ingredients. In fact, the FDA requires generic medications to have the same quality, strength, and purity as brand-name drugs. The reason that they’re cheaper is because of the Drug Price Competition and Patent Term Restoration Act of 1984 (also known as the Hatch-Waxman Act), which allows competing drug companies to offer the same medications after the drugs’ patents have expired without repeating expensive clinical trials.
- TALK TO YOUR PHARMACIST – Your pharmacist can advise you of lower cost generic alternatives for any brand-name medications that you may be taking.
- USE IN-NETWORK PHARMACIES – Be sure you’re using an in-network pharmacy when having your prescriptions filled. Besides saving you money, network pharmacies file all claims for you after filling your prescriptions.
- USE HOME DELIVERY – If available, you can use your health plan’s convenient home delivery program to order your medications by phone or online and receive them through the mail at a substantially reduced cost compared to picking them up at your local pharmacy.
- COMPARE PRICES – Pharmacies charge different prices for the same medications, so shop around. Some of the major pharmacies even allow you to price your drug online before having a prescription filled.
- BE WISE – The drug industry spends millions of dollars on marketing and advertising to promote their brands; those costs are passed along to you. When you ask your physician for specific medications, ask because of their cost and effectiveness, not because of clever advertising.
- SHOW YOUR ID CARD – Although some health insurance plans do not offer drug coverage, your health plan’s ID card may serve as a discount card for medications. Many health insurance companies have negotiated lower prices for their subscribers with most major pharmacies. Unless you show your ID card you’ll never know if yours is one of them.
- SPLIT PILLS – Consult your physician about the possibility of splitting pills. Many people have their physicians write prescriptions for twice the needed dosage and then use a splitter to cut them in half, which will potentially reduce their drug costs by a whopping 50%.
- CONTACT THE COMPANIES – Many pharmaceutical companies offer coupons and other forms of financial assistance in return for using their medications. Your pharmacist can supply you with toll-free numbers for the makers of your medications.
With healthcare costs at an all-time high, health insurance companies are always changing and updating their plans to help control expenses. Unfortunately, prescription drug coverage is one of the areas that are affected most. Common changes include raising copay amounts, placing a separate deductible on brand-name drugs, or even removing some or all of the coverage altogether.
When applying for a new policy, some companies will offer to cover existing prescriptions while other companies will not. Some companies will offer to cover existing prescriptions, but at an increased premium in attempt to offset future claims. Before requesting your next health insurance quote make a list of the current prescriptions for all family members applying for coverage and share the list with your broker. It could save you a bundle.