Tips on Saving Money with Generic Prescription Drugs
Prescription drugs and the high costs that go with them seem to be in the news every day – whether the topic is Medicare Part D or Wal-Mart’s recent decision to offer over 300 generic prescription drugs for $4. Many industry analysts agree that climbing prescription drug prices are one of the key factors contributing to growing overall health care costs in America. What can you encourage your employees to do to help combat the high price of prescription drugs?
Go generic. Generic prescription drugs, which are regulated by the Food and Drug Administration (FDA) just like brand-name drugs, come with a much lower price tag that can save your employees money. But to make sure your employees are getting the right medication at the best price, there are some things they should know.
Pass these tips on to your employees to help them save money with generic prescription drugs:
Start by talking to your doctor. The FDA requires that the active ingredients in a generic drug be chemically equivalent to the active ingredients in a corresponding brand-name drug. However, not all brand-name drugs have a corresponding generic version, so your doctor may have another recommendation. It’s always a good idea to talk to your doctor in detail when switching drugs.
Shop around – prices on generics vary. If you and your doctor agree that switching to a generic drug is a good idea for you, don’t drive immediately to your neighborhood pharmacy. If you want the best price on your medication, do some research. Call various retailers, such as online pharmacies, mass-merchants (such as Target or Wal-Mart) or supermarkets in addition to the drug chains in your area.
In a study on prices for five generic drugs, Consumer Reports found that the lowest prices could typically be found at online pharmacies or mass merchants, followed by independent pharmacies, supermarkets, and drug chains. However, comparing prices is important, because Consumer Reports found exceptions – for example, CVS pharmacies had substantially lower prices than other drug chains, and one online pharmacy had some of the highest prices in the study!
Ask for the least expensive form. Some medications are available in different forms, such as tablets and capsules. The prices for the different forms can sometimes vary greatly! If you don’t prefer one form over another, ask for the cheaper form.
Buy in bulk. As with paper towels and snack foods, you can save money on maintenance medications buy buying larger quantities. Ask your physician to write your prescription for a 90-day supply, which typically costs much less per pill than a 30-day supply. If you have prescription drug coverage, check to see if a mail-order drug program is available and whether it would save you money before requesting the 90-day prescription.
While these tips will help most employees save money on prescription drug costs, some employees may be able to seek help from other sources, such as drug-assistance programs. For more information on these programs and other drug tips, go to www.consumerreports.org.
