As I watch the stock market go down and read about the loss of jobs and the impending recession, I can’t help but think about the increasing difficulty people may have paying for their medications.
People who lose their jobs often lose their health benefits leaving them with no coverage for prescription medications. If you find yourself in that situation or are having trouble paying for brand name prescription drugs, even if you have a job or are on Medicare, there are some things you can do to help immediately.
Step 1: Switch to a generic
Generic medications can save you up to 80% on the cost of a prescription compared with the brand name drug. Ask your doctor if there is a generic drug available to treat your condition and have her write a prescription.
Step 2: Shop for generics at “Big Box” stores Depending on the generic medication your doctor prescribes, you may be able to buy your medication for $4, for a 30-day supply, or $10, for a 90-day supply, at a large national chain store, such as Wal-Mart, Target or Costco. In some areas of the country, your local supermarket pharmacy may have low cost generic drugs too.
For Example: This week, a large drugstore chain charged $290 for a 90-day supply of Paxil 10 mg, a medication used to treat depression and anxiety. At the same drugstore, the generic version (paroxetine) cost $90; however, Wal-Mart offered a 90-day supply of paroxetine for $10. Before speaking with your doctor, you can visit the pharmacy section of the “big box” store’s websites to find a list of available cheap generics.
For more cost-savings tips from Dr. Mike, visit How to Save Money on Your Medications.
What do you think? Leave a comment below or in the Medication Forum.
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