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Cut Your Prescription Costs

Jeffrey Strain

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 crbestbuydrugs.org. 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.

3. Visit drug Web sites and get coupons.
If the generic equivalent is not available because it's not yet being produced, you can still save money. Many prescription drug makers offer coupon incentives to encourage consumers to try their specific brand-name medication over competing brands.

These coupons can offer hefty discounts on the medication and more coupons usually arrive while you are taking the drug. The biggest obstacle to using this saving opportunity is finding them. Most "sign-up" programs do not tell you the details about what medication they are promoting or the discounts you'll receive. Most are written in general terms describing the ailment and include such words is "information, gifts and savings."

It is only after you register for these programs that you receive the information about the discounts they offer and which specific prescription drug is being promoted. The best opportunity to find these savings is on TV and in magazines where the ads will Web site where they can be found.

4. Switch dosage or split pills.
One way to cut prescription prices in half is if you can find the correct dosage or split pills. This is possible because most prescription drugs cost the same per tablet, regardless of their strength. For example, a prescription drug manufacturer that produces a pill with a strength of 50 mg and another of the same medication at 100mg will usually charge the same price for each of the pills. In most cases, stronger dosages aren't more expensive.

If you currently take multiple tablets at the same time each day (for example two 50 mg tablets) and the manufacturer -- Pfizer (PFE Quote) or Merck (MRK Quote), for example -- makes the same medication in a stronger dosage, switching to a single 100 mg tablet will reduce your prescription cost by 50%. You can also do the opposite by "splitting" medication. If you need a medication of 50 mg, you can purchase 100 mg tablets and then split the tablets in half. This will give you the same 50 mg of prescription medication you need for half the price. Be sure to consult with your doctor before doing any tablet splitting on your own.

5. Frequent different pharmacies.
When it comes to reducing your drug costs, you can save money by thinking beyond the actual medications. Pharmacies, including the large ones like Walgreens (WAG Quote) and retailers like Wal-Mart (WMT Quote), want your business and many are willing to give you a discount to do so. Keep an eye for newspaper inserts and mailings, where pharmacies will give dollars off for bringing in a prescription to them. By switching between a number of different pharmacies in your area, you may be able to get a discount on your prescription orders most of the time.

6. Use your flexible spending account.
If you have medications that you take regularly and know their yearly cost, you can save money by placing that known amount into a flexible spending account offered by your employer. If your company offers flexible spending accounts, they will allow you to set aside a portion of each paycheck, before taxes, that can be used for medical expenses such as prescription drugs, doctor's visits and even over-the-counter drugs. Contact your personnel representative for more information about saving this way.

7. Make lifestyle changes.
The best way to save on prescription costs is to not have to take the medication in the first place. While this won't apply for all medications, there are quite a few where you can make lifestyle changes, such as eating healthier and getting more exercise, that can eventually lead to not needing the prescription. Consult with your doctor or a nutritionist on what steps you can take with your diet and exercise that could help to reduce the number of prescription medications you currently need.

By considering options beyond where to purchase medication at the lowest price, you can find a number of legitimate ways to reduce the cost of what you're currently paying for your prescription drugs. Using any one of the above saving methods should provide a healthy discount over what you have been paying for prescription medication.