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3 Ways To Save On Prescription Drugs

Discounts, Generics, Pill-Splitting Among Options

POSTED: Tuesday, May 5, 2009
UPDATED: 4:39 pm EDT May 5, 2009

This is the latest in our weekly series comparing three ways to accomplish common tasks by price and quality. Next Friday, we'll compare three ways of getting a manicure.

One thing you know about a troubled economy is that it will not cure any of your ailments. Even when times are tough, people still need to get medication to keep chronic conditions at bay or to cure an acute illness.

Despite constant chatter about rising healthcare costs, there are ways to cut your bill. Here are three options for buying prescriptions that could save you money.

Ask About Generics

When your doctor gives you a prescription, ask her or your pharmacist about a generic option.

Before a manufacturer can sell a generic drug, it must prove that the compound is exactly the same as the name-brand drug. (Learn more). They are also subject to the same safety regulations as advertised drugs.

Of course, not every product -- especially those that you are most likely to hear about on television or in glossy magazines -- has a generic match. The FDA lists which ones do.

The savings can be huge. About.com said that the average generic prescription is about $34, compared to about $120 for a name-brand.

For example, a 30-day supply of cholsterol-fighting drug Pravachol costs $132 a month. Getting the generic form, pravastatin, for $4 a month from a large chain would save more than $1,500 a year.

Split Your Pills

Some people who are worried about paying for medications cut a pill in half and take it less often so it lasts twice as long. Doctors and pharmacists say that doing this on your own is quite dangerous. Cutting a pill can change how quickly medicine is released and how it affects your body.

However, with the right guidance, you can cut pills to take economic advantage.

For example, if your doctor allows it, you could get a prescription for a larger dose than you need. For example, if you need to take 200 milligrams a day, buying 400 milligram tablets may not cost twice as much.

Buying in bulk like that may get you more medicine for less money, and a pill-splitter -- usually available at a pharmacy for home use -- can make it a do-it-yourself process, so long as you can make precise cuts to avoid over- or underdosing.

This may not be a common example, but some online pharmacies even list medications for the same price for larger pills. One has pravastatin in 20 mg pills for $3.50 for 30. The same price applies to 40 mg pills. If all you need is 20 mg a day, you can cut your price per dose in half. That's a savings of $42 a year, but that's for a generic. If you were able to do it with a prescription, the savings would be much greater.

Pharmacy Memberships

Some national grocery stores and pharmacies offer discounts to patients who sign up for a club.

Walgreens, for instance, charges a fee of $20 a year for a person or $35 for a family. The company says members get discounts on 5,000 drugs -- whether they have insurance or not, though both cannot be used at once. And some generic prescriptions are available to members for $1 a week.

However, people in programs such as Medicare or Medicaid may not be eligible.

The company says the plan is a good option for those who do not have insurance or whose prescriptions are not covered.

It may not be a generic, but if the pravastatin from the example above were available to club members, you could still save $1,500 a year and easily cover your membership fee.

So, what's your best option for saving money on prescriptions? It'll likely depend largely on just what medication you need, because savings with each of these options vary significantly by drug. However, here are some other pros and cons to consider:

Buy Generic:
Pros: Same drug, dosage and method as name-brand drugs
Cons: Not available for all drugs

Splitting Pills:
Pros: Get the same amount of medicine for less money Cons: Only works on certain products, can be a hassle to do correctly

Pharmacy Memberships:
Pros: Savings when insurance not available Cons: Can't be combined with other discounts, some people not eligible

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