Friday, April 22, 2016
Three Ways to Save on Generic Medications
Americans spent an incredible $374 billion on prescription medications in 2014, according to the IMS Institute for Healthcare Informatics. Rising drug costs have forced millions of people to search for cheaper options in recent years. For a brief stretch, it seemed that generic medications were the answer. But due to rising demand and other factors, the price of these pills has also increased of late. Fortunately, there are ways to save on discount prescriptions.
Many people with insurance end up paying more for generic drugs than those who are not covered. The reason? Most group plans charge copays for name-brand and generic medications alike. People with chronic conditions can save on these fees by switching to an insurance plan that has low or no copays on prescriptions.
In medicine, drugs in the same class are often substituted for another. But because doctors and pharmacists rarely know the prices of the pills they prescribe, they seldom take cost into account. Patients, on the other hand, have the right to shop around and find discount prescriptions that are within their budget.
Many pharmaceutical companies have patient assistance programs that provide their drugs at a fraction of their retail prices. In some cases, they even provide prescription pills for free to people in need. Simply check the company's website to see if they offer financial assistance.
Follow this simple advice to save time and money on discount prescriptions.