Health-Care Savings Series—Day 7: Shop around for Rx drugs
Last week, we recommended talking to your doctor about lowering your prescription drug bill. But the work's not done once you have the prescription slip in your hand.
Prices for the drug can vary by store—a lot. In our recent study on drug prices, we found that the cost of the average price of a three-month supply of four common drugs had average total differences of as much as $340 between the highest and lowest priced sources.
Our study focused on 13 stores, and Costco offered the biggest savings overall. Note that you don't have to pay the $50 annual membership fee to use Costco's pharmacy. Web sites, such as AARP.com and Drugstore.com, were also relatively inexpensive, and have very low or no shipping costs. Mom-and pop pharmacies weren’t the lowest-priced overall, but many independent drug stores were competitive, and our survey showed they offer excellent service, so it's worth keeping them in the mix.
Look into discount programs. Some stores offer these programs just for people age 50 and older, but others offer them for anyone without insurance. Kmart's Gold K program has no joining fees and offers savings up to 10 percent off brand-name prescriptions, and as much as 20 percent off generics. Walgreens' program costs $20 to $35 per year and offers a 90-day supply of more than 400 generics for $12. Wal-Mart and Target each sell 30-day supplies of hundreds of mostly generic drugs for $4 each.
If your employer-sponsored drug coverage uses a pharmacy benefits manager (PBM), look over the formulary to see how much, if anything, you'd save on your prescriptions. PBMs are companies that administer prescription plans and cut deals with drug manufacturers and pharmacies for large employers and offer discount rates negotiated specifically for your company. Your employer should also be able to advise you on special arrangements with pharmacies, mail-order and Web-based programs, and other prescription services.
Many states have drug comparison websites, or pricing guides that can help you shop around for the best price. We've seen them in Florida, Indiana, New York, Maryland, Minnesota, Michigan, Ohio, New Hampshire, Vermont, and Washington. These websites generally list common drugs and compare prices for all or almost all pharmacies in the state. If your state isn't listed here look for one anyway, other states have had them in the works. DestinationRx is another resource that can help you compare drugs and prices.
Pharmaceutical companies also offer a certain amount of free or low-cost medication through their patient assistance programs. Use the online directory, RxAssist, to see if there's one that can help you.
Use any and all of these tools to save money, but don't give up a longstanding relationship with a trusted pharmacist just to save a few bucks. There has been a recent rise in adverse reactions related to new types of medications, dispensed via inhaler discs and skin patches, for example. It’s important to have a pharmacist that spends the time with you to explain how to use your medications safely. Here are some safety questions to put to your pharmacist.
—Kevin McCarthy, associate editor
Posted by: kate | Mar 17, 2009 1:16:59 AM
There's money in it, and people do anything for drugs.
Posted by: Compounding Pharmacist | Jan 13, 2009 11:37:56 PM
Compound Pharmacy has gained much popularity in the field of medicine. The medications are equally effective and safe for sick patients who cannot take the actual medications due to their personal allergies.