Saving Money on Medications
Let's talk saving money!
Americans spent $457 billion on prescription medications in 2015, almost 20% of healthcare spending. How much did you spend? There are many ways to save money on medications.
Here are our favorite tips!
Many medications come in generic forms that work just at good as the brand name, but at much lower prices. For instance, Norvasc blood pressure medication is $165 for one month of brand name meds versus $4 for the same medication in generic. Crestor cholesterol meds are $175 a month for the brand name or $20 for the generic form. Thyroid medication, like Synthroid, can be purchased in the generic form for $4 instead of the brand name for $40 a month.
You should check with your family physician or healthcare provider to see if the generic form of your current medications will work for you. Also, many medications that are over the counter can be bought cheaper with a generic prescription such as Flonase or Zyrtec. Using this one simple tip of changing to generic medications could save you hundreds of dollars every month.
Another great tip is pay cash when you can.
Yea, you heard me right!
The majority of time if you’re buying GENERIC medications it is cheaper to pay cash instead of using your insurance drug card. Dumb, but true! Always ask for the cash price on generic meds. Also, we recommend checking the GoodRx website www.goodrx.com to see pricing of your medications. Many times certain pharmacies will have way cheaper prices than others. GoodRx allows you to print coupons to get medications at lower cost. We have consistently seen patients save money using these coupons and paying cash instead of paying a $30 co-pay with their drug cards.
Finally, find a direct primary care clinic near you like Direct Access MD and sign up. Most direct primary care clinics offer generic medications dispensed right in the office for 90% off the retail price. We provide generic Norvasc for $2 for a 90-day supply (not a month supply as above)—that's 80% savings. Our generic Crestor is $20 for a 90-days supply—a 66% savings. Plus, patients don’t have to go to the pharmacy and wait for their medications. This in-house dispensing saves time and money and increases compliance with taking medications.
Use these tips to save money on your medications every month. I’m sure you can find something to spend that extra money on, right?