5 Ways to Save Money Buying Prescription Drugs

Written by adminJuly 2, 2019
Saving , Student Loan Consolidation

Currently in the United States, prescription drugs cost a lot higher than anywhere else in the developed world. It can be a major burden on many Americans, especially those who rely on certain drugs to keep them alive. Diabetics and people with severe allergies couldn’t survive without their medications.

The average American pays somewhere around $1,200 each year for their prescription drugs. Seniors often pay more as the cost of drugs is only expected to go up in the future. This is according to data from several major study projections that expect drug costs to rise 6% per year through 2027. This is as many Americans are fighting for free healthcare.

If you’re struggling to buy prescription drugs for yourself or for a loved one, here are 5 ways to save money on these drugs:

1) Get Generic Drugs

Many of us don’t know the full dynamic between doctors and the drugs they prescribe. They don’t realize that mega pharmaceutical companies can have doctors in their back pockets. They’ll actually reward them for prescribing the expensive name brands. To counter this, all you have to do is tell your doctor that you’re on a budget and just want generics. Don’t be afraid to tell your doctor that you’re limited financially and they can help find a pathway of treatment that can fit your budget and lifestyle.

2) Split Your Pills in Half

Depending on the types of medications you get, you can try cutting them in half. It might sound strange, but it will ultimately save you money. Ask for a higher dose and use a pill cutter to cut the pills in half and you’ve just saved yourself half of your medication budget. This is one trick a lot of seniors are doing to make their medications last as long as possible.

3) Use Apps, Cards, and Membership Plans

A lot of the bigger pharmacies around the country, like CVS, Rite Aid, and Walgreens, each have their own membership card program that can help you save money on your prescriptions, as well as other items in the store. There are many apps out there as well, like GoodRx and WellRx that will highlight the costs of individual drugs and tell you their prices at different stores so you can compare price your medications, making it easier on you.

4) Get Drug Coupons

Yes, drug coupons do exist! As well as trying to get your doctor to push the expensive, name brand drugs, the pharmaceutical companies will also send your doctor coupons! Again, don’t be afraid to tell your doctor that you’re struggling financially. They will most likely do whatever they can to help you get the medications and treatment you need at a better price you can afford.

5) Use a Non-Profit or Assistance Program

Your area, especially if you live in a low-income town or city, might have some prescription drug assistance programs in your area. There may even be federally mandated assistant programs for you to choose from, like NeedyMeds, the Patient Advocate Foundation, and The Partnership for Prescription Assistance.

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CVS to Offer Prescription Delivery

Written by adminJune 19, 2018
Life Style

When it comes to the battle to be the best pharmacy on the block, CVS is making all the right moves. First, they added benefits to their membership, then they put walk-in clinics in their stores. Their goal now is to be the first company to offer nationwide delivery in all their locations.

After merging with Aetna insurance, it would seem CVS has a lot of motivation to prove their the best and claim the number one spot (they’re currently #2) and overtake the market that is flooded with competitors.

CVS started offering delivery to the New York market and plans to expand the service to other U.S. cities, including San Francisco, Boston, Washington D.C., Philadelphia, Miami, and others, ultimately offering delivery from all 9,800 locations across the country.

The cost for a delivery will be $4.99 and it can be done by calling the store and requesting delivery or you can just use the CVS app on your phone. It’s not just restricted to personal prescriptions, as other products are available for delivery.

For example, if you’re in the midst of a nasty cold and don’t want to leave your home, you can order popular cold medications and have them sent to you. CVS does plan on extending the service to other products, so maybe soon you can have everything from drugs to that gallon of milk you forgot to pick up delivered to your door.

A lot of these changes are due in thanks to CVS’s $69 billion merge with Aetna health insurance. The goal is to create a mega-market that provides not just a retail pharmacy store, but an entire healthcare company that combines insurer with pharmacy benefits and ultimate customer service through delivery.

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How Trump Plans to Crack Down on Drug Companies

Written by adminMay 9, 2018
Saving

One of President Trump’s big promises on the campaign trail was to reform the prescription drug industry. For most Americans, the cost of lifesaving prescription drugs is way too high.

We already know that these companies value profit over lives. All we have to do is look at the recent case of EpiPen, who raised the price of their pen to unfathomable levels.

The cost of epinephrine per box: $1
What EpiPen rose the price to: $699

Why did they do this? The answer is simple: profit. Despite the protests and the anger this caused, the manufacturers defended their position. They proved they didn’t care about the numerous people who depend on this product to save their lives.

This is just one example. It was such a huge issue that Trump vowed to lower the cost of prescription drugs. Why Americans wish he had tackled this problem sooner in his administration, it was finally announced that he will release his strategy this week.

Alex Azar, Trump’s Secretary of Health and Human Services, said that the president’s approach will be to take a ‘tough stance’ on drug makers. This declaration alone led to the stock of these major companies to fall.

According to Aetna, one of the country’s largest insurance providers, the cost of prescription drugs rose in price nearly 25% over the last four years, with the prices already been too high to begin with. This is why Trump made the cost of drugs an important issue during his campaign.

Here are some of the issues expected to be brought up in the coming days:

Price Rebates

When you look at the dealings between drug makers and insurance companies, you’ll start to see how they prop each other up. Drug companies will give large discounts to insurance companies, but many wonder if those same discounts are passed down to the consumer.

In most cases, they’re not. Trump’s plan hopes to change that by ensuring more of the discounts is given to the people, especially those on Medicare.

Promoting Increased Competition

President Trump continues to strongly believe that increased competition between drug companies will force them to lower the cost of drugs to stay competitive.

Once a new drug is released by a major manufacturer, generic drugs aren’t far behind, so the Trump team hopes to allow for faster review of generic drugs to get them into the market quicker.

For example, if a competitor to EpiPen kept the price at $1, then consumers have options and EpiPen is less likely to obscenely raise their prices.

They also plan to identify more drugs as over-the-counter medicines to make them easier to obtain without having to get a doctor’s prescription, saving consumers times and money.

These are just a few of the ways Trump plans to tackle the drug industry. We look forward to seeing what the rest of his ideas are in making prescription drugs cost effective for everyday Americans.

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