Stretch Your Dollar: Saving money at the pharmacy

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Generic drugs have become a crucial way to save money at the pharmacy while still receiving optimal care.

We spoke with a health expert for advice on how to ensure you’re stretching your dollar the furthest.

It’s your health and when a medication is prescribed by your doctor, you fill it. But AARP’s Director of Health Services says you should take a step back and review your options before you buy it. 

“You want to make sure, if you are taking an expensive drug, there isn’t something less expensive available to you,” said the Director of Health Services.

A new RX price watch report finds some loopholes have made it difficult to access lower-priced generics. It’s why it’s more important than ever you advocate for yourself.

For Medicare beneficiaries, she says there’s something called a “low-income” subsidy that can help reduce your out of pocket costs and that’s not all..

“If you really find yourself in a bind and can’t find anyway to lower your prices, another option is talking to the drug manufacturers themselves. A lot of them have patient assistance programs that can help. “

Another tip is to consider that some generics may be so inexpensive. You may be smarter to simply pay out of pocket and avoid going through insurance all together.

Either way, making proactive moves can save you big time down the road.

“So, for the average person taking a brand-name drug, you may have a co-payment of as much as $100. When you have a generic drug, your co-payment may be less than $5. So, it can be an enourmous difference in terms of the cost you’re seeing at the pharmacy.”

And coupons aren’t out either. Check your pharmaceutical companies website to look for discounts on their brand-name drugs.

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