How to Cut Drug Costs

We’ve all heard about the high cost of prescription drugs for seniors.

But you may not have heard about a new report that suggests seniors can help reduce those costs by comparison-shopping for prescriptions the same way they shop for groceries.

Consider this: the National Center for Policy Analysis, a think tank in Dallas, Texas, recently found a 50 percent difference in the prices of a pain medication prescribed by dentists.

If your doctor prescribes an expensive drug, always ask, “What generic equivalents exist for that medication, what other less-expensive drugs might be just as effective?”

Doctors often provide sample medications but remember: Drug companies don’t sample their cheapest medications.

Here’s another cost-saving tip: buy in volume. Unfortunately, research shows most of us purchase a month’s supply of medications at a time instead of planning ahead and buying for several months. In the case of beta blockers used for treating high blood pressure and other high-ticket medications, purchasing a 100-day supply could save as much as 30 percent! Call your drug store to compare prices, or go online.

However, the best cost-saving tip remains buying generic. Always ask for a generic form of your medication. If available, generic drugs still save you the most.

One final caveat: if you use more than one pharmacy, make sure each pharmacist and drugstore knows about the other to avoid drug-interaction and other mistakes. For the same reason, it’s also a good idea to keep a list of current medications with you – especially if you’re traveling on business, visiting family or on vacation.