How to Decrease your Medication Cost?

One of the major expenses people have to deal with every month is their medication costs. Due to unhealthy lifestyle or other problems, many people suffer from multiple health conditions. So, they need to take lots of medicines regularly to stay in good health. This is true mostly for people approaching retirement. When a person depends on retirement benefits, it can be difficult to bear the cost of medication. So, they start sacrificing their basic needs like food to save money for medication. Sometimes, they even skip having medication which affects their health severely. While it’s true that the medication cost is much higher than before, you still have options to decrease this cost.

Here are Some Tips to Decrease your Medication Cost

Insurance coverage

You should review your insurance coverage from time to time to see if it covers your prescribed medicines. Sometimes, your insurance won’t cover it, so you may have to pay for it from your pocket. In such a case, you can request your doctor to suggest an alternative medicine that will cover the insurance.

Use generic medicines

Instead of buying brand medicines, you should switch to generic medicines. If there are no generics then you can ask your doctor to provide an authorization letter to include the brand medicine in the insurance plan. If approved, you won’t have to pay out of your pocket. Generic drugs are FDA approved and safe. It can lower your medication cost by 85%. Generic medicines are also preferred by insurance plans.

Compare prices

You shouldn’t buy from the pharmacy that you come across in the first place. You must shop around and find out which pharmacy offers the medications at a lower price.

Don’t take unnecessary medications

Sometimes, one medicine can work for two different health conditions. So, instead of taking two drugs, you can take one which will reduce your medication cost. You should talk to your doctor to reduce any unnecessary or duplicate medications. You should also visit the doctor every six months to change your medication dosage.

Patient assistance programs

According to the income level, different patient assistance programs are available. In some places, there are manufacturer programs as well. You can join these programs to lower your medication costs. These programs are for those patients who have low income or don’t have any insurance.

Discount coupons

For some medications, you can get discount coupons. There are medication websites such as 1mg, Medlife, Pharmeasy where you can get the list of medications that have these coupons. If you have these coupons, you will have to pay less for the medications. The drug manufacturer can also give you a coupon savings option. If your medical insurance is provided through an employer, then you can get a discount on your monthly medical bills. If you have federal insurance, then you can get free trial coupons. So, if you are subscribed to a brand-name medication, it is best to visit the manufacturer’s website to know about the various discount coupons available.

Buy over-the-counter medications

You may find over-the-counter medications as substitutes for the expensive ones. For example, insulin from the Ralion brand is available over the counter. This will save a lot of money. Always ask the pharmacist if any substitute over-the-counter medication is available.

Mail-order pharmacy

You can buy medications from a mail-order pharmacy. They are non-profit pharmacies that provide generic medications at a low price. Patients having household income below a certain level are eligible for it.

Don’t skip medication

You should never skip your medicine or lower the dosage because you cannot afford to buy it. Doing so may worsen your health condition and you may suffer from more severe illness. Eventually, your medication cost will increase.

There are lots of ways to reduce the cost of your medication. So, you shouldn’t be worried if the doctor prescribes you medication. As you may not understand the medical terms, you should always talk to the pharmacist or doctor to get suggestions about alternative or substitute medications in case the price of the medication prescribed is high. You must know about any side effects as well.

The medical insurance, discount coupons, and patient assistance programs can help you to buy medications at a low price which you will be able to afford. Always take medications according to prescription and visit the doctor at least every six months to adjust your prescription according to your health condition.