This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cut Your Prescription Costs

With medical costs increasing, it's important to look for ways to reduce costs without jeopardizing any of the care that you are receiving. One place where you can usually reduce your costs is the amount you pay for prescription drugs. While the steps to save money are easy and painless, most people who don't pursue them were not aware they were available.

Here are a number of steps you can take to help reduce the cost of your prescription drugs:

1. Talk with your doctor.
Most people make the mistake in believing that the only way to reduce the cost of prescription drugs is to find cheaper ways to purchase them. While this is a legitimate step, it jumps ahead of some other opportunities that exist for reducing these costs. The first place to attempt to reduce the amount you pay for prescription medication is with your doctor.

When talking with your doctor, you want is verify that all the medications that you're currently taking are necessary. A large number of people continue to take prescription drugs even after the need for them has passed. Another important reason to talk about your medications with your doctor is that if you're taking several, they may be negating the effectiveness of one another. This can occur when you receive a number of different prescriptions from different doctors.

The easiest way to check on these issues is to take all your prescription bottles with you the next time you visit your doctor. You can also write a list of everything that you are currently taking. In addition to these, bring a list from your insurance company of all the medications they have approved. This will allow the doctor to prescribe a medication that is on the list to save you money when there are several alternatives that are all equally effective.

2. Switch to generic.
The Food and Drug Administration requires that generic drugs have the same effectiveness as the brand-name prescription drug, which makes them a legitimate alternative for certain ailments. You can save hundreds of dollars a year in prescription costs if you can switch from a brand name to a generic equivalent. This is especially true for drugs that you have been taking a long time. A generic equivalent may not have been available when you first started taking the prescription, but may be available now.

You can also do research on certain prescription medications before going to the doctor at . This site is run by the same nonprofit organization that publishes Consumer Reports magazine. They evaluate prescription medicines on effectiveness, safety and cost and give recommendations on the prescription medications that give the best value for the money. By doing a bit of research before you visit your doctor, you'll be able to ask appropriate questions about the possible alternatives to your current medications.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
MRK $48.85 -1.37%
PFE $29.13 -1.22%
WMT $65.32 -0.71%
WAG $81.65 2.05%
AAPL $93.70 -0.60%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs