In recent years, the prices of prescription medication have soared, even with the passing of the Affordable Care Act.
Much of this issue comes from the fact that there is so little competition in the field.
At the same time, many companies feel justified in charging outrageous prices, as they know that insurance companies will often end up paying for the medication.
Yet, people find that regardless of their insurance, they often have to pay out of pocket for all or part of their medication.
This can get expensive quickly, especially if you are on a fixed income.
In fact, in some cases, the cost of medication can be so significant that people are forced to choose between purchasing their medication and purchasing necessities.
That’s no way to live.
Thankfully, medication costs do vary to a degree and there are some ways of decreasing medication cost.
In this post, we’re going to talk about some key ways to decrease medication cost.
These approaches are worth taking, because even if you only save a few dollars, the difference can be significant in the long run.
Ask for Free Samples: You can often get free samples from your doctor and from manufacturers directly. Often there is a limited supply of free medication, but this approach is still worth checking out. It’s a particularly relevant approach if you aren’t sure whether a given medication will even help you.
Ask for Discounts: Take the time to ask your pharmacist for a discount and to shop around for any discount programs. There is a surprising number of these around and people often miss out on them because they don’t think to ask about the programs. In many cases, pharmacy discount programs will offer you the lowest price possible for your medication.
Shop Around: Stores will sometimes vary in the prices of medications. In fact, the price for medication can even be 10x higher in one store than the other. For example ‘Mom and Pop’ pharmacies tend to be independent of retail chain stores, which often means that they offer better prices. Likewise, wholesale stores like Costco will sometimes also offer lower prices. The price difference can be significant enough to make the cost of Costco membership worth it. If you don’t have the time or energy to shop around, simply phoning various stores and asking about discount programs and the cost of medication can be a good place to start.
Don’t Automatically Use Insurance: Many people automatically turn to their insurance for medication costs, assuming that this will be cheaper. But, often the copay is more expensive than it would be to pay for the medication yourself. So, always double check, especially if there has been a recent change to your health insurance.
Look for Coupons: You can often print out coupons online and you may also find some in your doctor’s office. Coupons can be a great way to decrease your medication cost, as long as you remember to actually take them with you.
Consider Generic Medication: In many cases, doctors choose between a branded medication and a generic one. While a branded medication may be necessary in some cases, it is often possible to use a generic medication instead. You can talk to your doctor and ask if there are any lower priced medications available that offer the same advantages. However, be aware of the side effects that can occur when stopping one medication and starting another.
Use the Medicare Extra Help Program: Information about this program can be found here. This program can provide you with extra support if you are in Medicare Part D. This program can significantly reduce the cost of your medication, so it’s worth going through the steps to apply for the program.
Check out Local and State Programs: There may also be other programs in your area that can play a role in decreasing medication cost. The American Diabetes Association offers a list of these programs, although you may also find that additional programs are available in your local area.
Other Things to Consider
When you’re looking into ways to decrease medication cost, home delivery programs are an important area to consider.
There is a range of different programs out there that will deliver medication to your home. These programs can be especially relevant if you or a senior struggle to get out of the house to pick up medication.
Additionally, programs may be able to offer discounts of their own, which can also help you to decrease medication cost.
Nevertheless, you should be wary of any extremely cheap prices for medication.
This is especially true for any medication that you find online.
The reason for this is counterfeit medication.
Counterfeiting medication is actually a huge industry and counterfeit medication can potentially have many negative side effects. In fact, in rare cases, counterfeit medication could even be fatal.
Now, there is a chance that you could find counterfeit medication pretty much anywhere, but this issue is much more common when you are buying from shady locations, such as online.
As long as you keep these things in mind, it should be possible for you to find cheaper prices for at least some of the medications that you take regularly.
If nothing else, it is certainly worth taking the time to check out any potential areas that might decrease your medication costs.
Finally, be sure to keep track of your medications well. Using a spreadsheet like this one can help. Doing so can help you to only order medication when you need it and make sure that you never run low.
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