5 Ways to Save Money on Medication
Money Girl shares some tips for lessening the financial burden of the unavoidable responsibility of taking care of your health.
Prescription medication can save your life—but it can also kill your bank balance! Here are 5 great ways to cut the growing cost of medication:
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Shop around. Different pharmacies can charge different prices for the same medication. So instead of always sticking with the same pharmacy, get quotes before you hand over your prescription.
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Buy generic. Check with your doctor about whether you can substitute a brand-name medication for a generic, because they don’t always work the same.
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Split pills. If you have to pay the same insurance co-pay for a higher-strength prescription, you can divide each pill to save money. But check with your doctor or pharmacist first, because some time-release pills must be taken whole to be effective. -
Enroll in the Together RX Access® Program. This free discount program can cut the cost of medicine from 25% to 40%. To be eligible you can’t have any prescription drug coverage, qualify for Medicare, or have income above certain limits. The earnings threshold for a single person is $45,000 and a family of 4 is $90,000. Visit togetherrxaccess.comto learn more.
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Get help from Partnership for Prescription Assistance (PPA). This non-profit organization offers access to nearly 500 public and private programs that have helped nearly 7 million people get prescriptions for free or almost free. Visit pparx.org to apply for prescription assistance.
Split pills. If you have to pay the same insurance co-pay for a higher-strength prescription, you can divide each pill to save money. But check with your doctor or pharmacist first, because some time-release pills must be taken whole to be effective.These tips were inspired by Kate Forgach who is a Baby Boomer consumer specialist for Kinoli Inc.
If you missed me live on FOX Business last week talking about how getting fit can save you money, watch the video here.
Piggy bank photo from Shutterstock.
About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.
