It’s Not Just About Generics: Saving Money on Prescription Drugs

shutterstock_385954984The generic version of a two-pack of EpiPen is now priced at $300—a price that’s better than the brand-name cost of $600 for this widely used allergic-reaction antidote. Buying the generic versus the brand-name is definitely the first step in saving money on your meds, but what else can you do to combat rising drug prices?

You may have more control over what you pay for drugs than you think. According to a January 2016 article by Consumer Reports, prices from retailers, especially large retailers like chain drugstores and big-box stores, can vary greatly. Shop around because drug prices can cost as much as 10 times more from one retailer to the next. Also, don’t avoid independent drugstores—they may actually have more flexibility to beat their competitor’s prices.

Surprisingly, drug prices are negotiable, so ask for a lower price—even with generics. Check sites such as GoodRx.com to do some comparison shopping and to also find out the fair market price. The website also gives you information about coupons, discounts, and how to save money at nearby pharmacies.

Be sure to ask your doctor to help you find a lower-cost alternative and have he or she give you a prescription for a 90-day supply versus 30 days, which can save you money as well. A 90-day supply allows you to pay one copay for 90 days instead of one for every 30, plus it saves you extra trips to the pharmacy.

This next tip may sound counterintuitive, but may be worth checking out. You may not want to always use your insurance to pay for your prescription drugs; you may get a better price if you pay out of pocket and if you sign up for a pharmacy’s discount plan (but read the fine print to understand all terms and conditions).

Check online for lower prices—with caution. Be very careful about which online pharmacy you choose—there’s plenty of fraud out there. Only do business with online pharmacies that display the VIPPS symbol—that indicates it’s a Verified Internet Pharmacy Practice Site. Remember, if the price sounds too good to be true, it probably is.

Some drug companies and foundations offer financial assistance programs. Check Needymeds.org, a national nonprofit information resource that can help you locate assistance programs so you can afford your medications and other healthcare costs.

To learn more about how to save money when buying prescription drugs and for resources for medication discounts, visit the State Board of Pharmacy’s website at www.pharmacy.ca.gov.

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