Suggestions That Could Reduce Your Prescription Costs

Suggestions That Could Reduce Your Prescription Costs

Prescription costs can be quiet high, even with health insurance or Medicare Part D prescription drug coverage. Communicating with your physician is most important. Let him/her know if the cost of your prescriptions is causing a financial hardship. Studies have shown that both physicians and patients recognize the importance of discussing out-of-pocket costs, yet these conversations seldom occur.

There are usually alternatives that can reduce cost without compromising care.

Generic drugs are less expensive than brand name drugs. They are less expensive because the patent has expired and companies can openly compete to manufacture the drug. Only your doctor knows whether or not a generic drug will be just as effective for you as the brand name. Using combination pills and accessing assistance programs are two more ways of reducing the cost of medication.

Sometimes a higher dose pill is the same price as a lower dose one. Splitting pills in half can also save you money. Make sure your doctor and your pharmacist understand what it is you want to do. Do not do this without first discussing with your physician.

Always be proactive and upfront with your physician about the medications you are taking. Most of us manage to see a specialist or two, or three, in addition to our primary care physician. Make sure your primary care physician knows what the other doctors are prescribing for you. This can save you money and prevent adverse reactions.

Does your prescription drug benefit have a mail order option? Buying a 90 day supply through the mail can be far more cost effective than buying prescriptions every 30 days. Most mail order plans offer incentives to use mail order in lieu of the local pharmacy. There is a downside to this. It isn’t fair to your local pharmacist to only purchase antibiotics and other medications that you need immediately. If your pharmacist does not sell a lot of other products, such as the big chain pharmacies do, he/she can very quickly go out of business.

Some people are buying drugs from Canada and other foreign countries. Be very careful! Medicare Part D will not pay for drugs purchased outside of the country. If you are under 65 and have a group major medical plan with a prescription drug benefit, check your benefits booklet to see if foreign drugs will be covered.

Likewise, the same rules apply when purchasing drugs over the internet. Be sure to use a secure site that is from a reputable business. A Verified Internet Pharmacy Practice Site (VIPPS) seal of approval certifies that the web site is licensed and complies with quality and privacy standards, according to the National Association of Boards of Pharmacy. Counterfeit drugs and drugs that have not been stored properly can be very dangerous.

Do not cut costs by skipping doses. It is important that you follow your doctors’ instructions. As stated earlier, if you are struggling to pay for your medications, let your doctor know. There is help available. Some pharmaceutical companies offer free drugs to patients in need. Ask your doctor or contact the manufacturer directly. The Partnership for Prescription Assistance is an organization that helps patients and doctors find assistance programs that provide free or nearly free medications. Go to www.pparx.org or you call them at 1-888-477-2669.

We often hear people complaining about the high cost of drugs. But many of us fail to realize that there have been more advances in medical science in the last forty years than in the entire history of medicine. There are some very, very expensive drugs on the market today that can keep us out of the hospital, or keep us alive. We have a client who told us last week that she had a heart attack a year ago. She had it at the exact same age as both her mother and grandmother. Her mother and grandmother did not survive the heart attack; she did. A year past it, she is living a happy, healthy, productive life. That is due to advances in medical science and pharmacology.

The Declaration of Independence guarantees us the right to life, liberty and the pursuit of happiness. It does not guarantee that we should have paid in full health insurance and prescription coverage. As part of consumer driven health care, we have to all be responsible for a greater share of the cost of our medical care.

Lastly, NJ has the PAAD (Pharmaceutical Assistance Aged and Disabled) and the Senior Gold program for New Jersey residents with low income. The income limit for PAAD in 2007, for single seniors or disabled people is $22,572 or $27,676 for married couples. If your income is more than $22,572 but less than $32,572 if you are single and more than $26,676 but less than $37,676 if you are married, then you may qualify for Senior Gold Prescription Plan. If your income falls into these categories, you can pick up an application for PAAD in any pharmacy or call PAAD at 1-800-792-9745.

This column is intended to offer suggestions and options for reducing your out of pocket prescription costs. It is not intended to render medical advice, and any conversation about altering your prescription usage should occur between you and your doctor.

Irene Card & Betsy Chandler are both licensed insurance professionals working at MIC Insurance Services, a health insurance services company. If you have questions relative to this column or other related topics, we invite you to call (973) 492-2828, browse our past columns on our web site at www.micinsurance.com.

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