You don’t need the newscasters to tell you that prescription drug prices are on the rise or that insurers are covering less of the cost. For some people, the out-of-pocket outlay for prescription drugs extracts little more than a quiet moan at the cash register. For others, it means skipping medicine or meals in order to pay. Here are some tips for cutting costs.
Get Your Doctor’s Help
Unless a doctor knows you’re trying to cut corners, he or she won’t take price into consideration when filling out the prescription pad. But most doctors are willing and able to help once you mention your concern. Here are a few things to ask about:
• Generic drugs. Buying generic drugs instead of the more expensive brand-name versions is one of the most effective ways to cut your monthly drug bill. For example, a month’s supply of the 20 mg dose of the brand-name statin Mevacor costs about $70, while the same amount of generic lovastatin costs about $35. There’s no need to worry that a cheaper price means less quality. The Food and Drug Administration (FDA) regulates the production of generics just as carefully as brand-name drugs. The only difference may be in the inactive ingredients—things like fillers, coatings, and flavorings. Some doctors worry that the inactive ingredients change how much of the active ingredients the body absorbs. The FDA doesn’t share this concern, though. Some classes of drugs are so new that generic forms aren’t yet available. If your doctor prescribes one of these, ask if there’s a slightly older type of drug that does much the same thing.
• Cheaper brand-name drugs. Sometimes you can trade off convenience for savings. For instance, if your doctor suggests a brand-name combination drug, ask if you can save money by taking the component drugs one by one. In other cases, you can save by taking an older drug two or three times a day instead of using a newer (and more expensive) once-a-day formulation.
• Starting small. When you start a new drug, ask your doctor to give you a prescription for just a week or two. This way you can see if the dosage is right and if the drug agrees with you. If everything goes well, then you can fill a longer-term prescription. If it doesn’t, you aren’t stuck
with a stockpile of pills you paid for but can’t use.
• Starting low. Ask about starting a drug at the lowest possible dose, especially for a drug that’s relatively new.
• Splitting the difference. You expect to pay about twice as much for a two-pound box of pasta as you do for a onepound box. But the same pricing concept doesn’t always apply to drugs. Often, you can save money by asking your doctor to prescribe pills in twice the dosage you need.
Then you can cut them in half to double the number of doses. This approach is not for everyone, and it can’t be done for all drugs. Capsules and timed-release formulas, in particular, should never be split.
Get Your Doctor’s Help
Unless a doctor knows you’re trying to cut corners, he or she won’t take price into consideration when filling out the prescription pad. But most doctors are willing and able to help once you mention your concern. Here are a few things to ask about:
• Generic drugs. Buying generic drugs instead of the more expensive brand-name versions is one of the most effective ways to cut your monthly drug bill. For example, a month’s supply of the 20 mg dose of the brand-name statin Mevacor costs about $70, while the same amount of generic lovastatin costs about $35. There’s no need to worry that a cheaper price means less quality. The Food and Drug Administration (FDA) regulates the production of generics just as carefully as brand-name drugs. The only difference may be in the inactive ingredients—things like fillers, coatings, and flavorings. Some doctors worry that the inactive ingredients change how much of the active ingredients the body absorbs. The FDA doesn’t share this concern, though. Some classes of drugs are so new that generic forms aren’t yet available. If your doctor prescribes one of these, ask if there’s a slightly older type of drug that does much the same thing.
• Cheaper brand-name drugs. Sometimes you can trade off convenience for savings. For instance, if your doctor suggests a brand-name combination drug, ask if you can save money by taking the component drugs one by one. In other cases, you can save by taking an older drug two or three times a day instead of using a newer (and more expensive) once-a-day formulation.
• Starting small. When you start a new drug, ask your doctor to give you a prescription for just a week or two. This way you can see if the dosage is right and if the drug agrees with you. If everything goes well, then you can fill a longer-term prescription. If it doesn’t, you aren’t stuck
with a stockpile of pills you paid for but can’t use.
• Starting low. Ask about starting a drug at the lowest possible dose, especially for a drug that’s relatively new.
• Splitting the difference. You expect to pay about twice as much for a two-pound box of pasta as you do for a onepound box. But the same pricing concept doesn’t always apply to drugs. Often, you can save money by asking your doctor to prescribe pills in twice the dosage you need.
Then you can cut them in half to double the number of doses. This approach is not for everyone, and it can’t be done for all drugs. Capsules and timed-release formulas, in particular, should never be split.
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