Living with a chronic illness or any disease is not just bodily but also financially taxing. It also entails spending too much money right out of your pocket.
For instance, in the United States, the direct medical costs of treating diabetes and its complications for a lifetime ranges from $55,000 to $130,000. It also factors the age at diagnosis and sex, but the average is $85,200.
Now, retail prices in the US are around the $300 range for all insulins from the three major brands that control the market.
Due to Covid-19 Pandemic, families are forced to spend within a tight margin of a budget – even for healthcare needs. And one of their biggest concerns is getting cheaper medication. Fortunately, there are ways to buy medicines at a lesser price so you can save some money.
Here are eight helpful tips to help lower your prescription costs.
Much more than comparing brands for lesser prices, the most efficient thing to do is ask your doctor if there is a generic alternative to any brand-name drug he is prescribing. Generic medicines work the same way as branded ones and use the same active ingredients.
Generic medications are cheaper because manufacturers are not required to recoup the exact R&D charges for taking the drug to the market. Since 2014, generic medicine prices have become more affordable, with a price drop of 37 percent. In comparison, the amount of branded drugs has risen by 37% since then.
A lot of pharmacies or shopping malls around you offer drug-discount cards. If you are already a member, you might even have one in your wallet this instant! These drug savings/discount cards can offer up to 80% discount on your prescribed medications.
Some of these cards are given to loyal customers for free. However, in most cases, membership fees and eligibility requirements are mandatory.
When a new drug is out in the market, the price is frequently high and is only available in its exclusive brand. However, drug manufacturers usually hand out coupons for individuals who meet the demands and qualifications. The money you can save from the prescription is excessive, but not every person can use them.
Many retail pharmacies/stores will propose coupons to tempt customers to purchase medicines in their stores. For instance, getting a $20 gift card for your first drug purchase as a new customer.
Almost everything can be researched on the internet, and so is the price of the medication drug you wanted to buy. Once you get hold of your prescription, type the drug name in the search bar as well as your location. It will eventually show you a list of nearby pharmacies and how much is the price for the drug you need.
Each one of us pays for health insurance, and it's time to take advantage of it. Insurance companies have a list of medicines that they cater to, and they don't. It would be much easier to give your insurance company a beep and inquire about the drug that you have been prescribed.
However, if your medication is not included in the list, you might want to ask for an alternative that the insurance covers. There might be a similar drug that your plan will pay for just in case.
Local shops and independent pharmacies are good at beating major drug store and supermarket chains in pricing- and when we say low pricing, we mean it by an extensively impressive margin. Local shops even beat warehouses and clubs in membership.
Pharmaceuticals usually offer patient Assistance Programs (PAPs) to deliver free or low-cost recommended drugs to individuals who do not have health insurance or prescription coverage. You might need to fill out a request on the drug corporation's website with your financial data.
Your doctor is then demanded to provide information about the medication that you are in. After, the drug company will evaluate and assess your information if you're fit for assistance. If accepted, the drug corporation will ship a supply to your home or your doctor. If the medicine is close to running out, your doctor will have to place another order weeks before it does.
Unfortunately, with the situation we are in and how our healthcare system is set, it can be tough even to go out and get yourself checked – or even compare shops. Your doctor may not even know what brand of drug you'll end up buying, but that doesn't equate to him not caring or not wanting to help you out.
It might be uncomfortable and shameful for you to admit that cost and money is kind of a big issue for you, but your physician would be more than comfortable that you do. Research shows that 20%-30% of prescriptions are never occupied, which poses a profound health effect. If there's the slightest chance you are skipping your medicine because money matters, work the solution together with your doctor.
With the situation we are in nowadays, it's hard to go out and even harder to produce money. This is why being financially savvy and knowing how to get the better out of healthcare products for a fraction of costs is a very sustainable approach to purchasing these days.
We can't neglect our health, but we can also take care of it without spending too much.