Prescription costs can add up. They can be a recurring cost that needs to be budgeted or as a surprise expense that may appear here and there for your family. Whatever situation your family is in here are 10 tips to help save money on prescriptions.
Here are the 10 ways to save money on prescriptions:
1. Understand your drug insurance plan
If you have an insurance plan, take a look at the benefit book and understand what it covers. Some may have a deductible that needs to be satisfied before the plan kicks in. A deductible can range from under $100 or over. If there is a deductible ensure that you have it planned out in your budget to accommodate this cost. How much of the prescription cost does it cover – what is your copay? Do you pay 20% of the cost? What sort of drugs does your insurance not cover?
2. Understand what makes up the cost of a prescription
The cost of a prescription is made up of the cost of the drug itself, a dispensing fee and an upcharge fee. Not all pharmacies will charge the same amount, but there is a maximum a pharmacy can charge that is regulated by the government. For those who don’t have coverage, it may be worthwhile to call around to different pharmacies to see the difference in costs for a specific drug. However, finding a pharmacy that offers phenomenal service is gold – even though their costs may be slightly higher.
3. Expiry date of the drug
Have the pharmacy staff write down the expiry date of the medication on the vial – especially for the drugs that you don’t use all the time. If you need to use the drug 1-2 years down the road you want to know if it is safe to take. Having the expiry date helps to prevent having to go get another prescription later if the one you have now is still good to take.
4. Give your pharmacy team time to fill your prescription
This point is more about saving time. If you need to refill your medication call ahead of time to ensure that the pharmacy will have enough stock to fill your prescription. The pharmacy may give you what they have today and then they need to order in the remainder. Calling ahead saves you time from having to go back a second time to pick up the remainder that is owed to you.
5. Fill the maximum allowed for continuous drugs
In Canada, the maximum allowed is a 3 months supply for most drugs under insurance coverage. If you fill a supply for 3 months then you pay one dispensing fee. If you pay monthly x 3 months then you will be paying the dispensing fee x 3 times. It would make sense to fill a 3 month supply.
6. Generic vs. brand name drugs
It is okay to take the generic over brand name drugs! Generic drugs have to meet specific regulations and specifications in order to be allowed on the market. The cost of the generic is usually much more affordable. In addition once a generic has been available for a while, the insurance companies will not pay for the brand name (or will only pay a small portion of it).
7. Coverage for certain drugs
For special drugs (i.e expensive injections or less common drugs) ask your pharmacists to see if there is a program available to help cover the cost of these medications.
8. Understand tax implications
Did you know that your prescription costs are tax-deductible in Canada? They are considered a medical expense. Ask your pharmacy team to print out a report of your prescription co-pay for the tax year when you are doing your taxes.
9. Non-drug measures
Sometimes drugs are not the only answer to a health concern. Talk to your pharmacist for ideas on non-drug measures to deal with a health problem. For example – insomnia. Many may quickly pick up a sleep aid or have their doctor prescribe a prescription sleeping pill. There are many ways to tackle insomnia that doesn’t involve having to pay for a drug. See: The Power of Sleep
10. Prevention is key!
Implementing good lifestyle habits (healthy diet, exercise, drinking more water and more sleep) will go a long way to preventing health diseases and having to pay and takes drugs in the future.
Using these tips to save money on prescriptions will help your overall budget.
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So many good tips here! I did a price quote for my parents on some vaccines (Prevnar and Shingrix) and it really surprised me that it was a pretty considerable difference between retailers. Asking for the expiry date on the bottle is a fantastic tip too! Great post!
Hi Minda,
Great information. I had not even thought about medications for tax purposes. Do you know if you have to spend a certain amount of money on medications for it to qualify?
Prescription costs are part of medical expenses for tax deductions. You will have to look up your country’s tax rules. In Canada the amount is calculated “From your total medical expenses, the lesser of either $2,208 or 3% of your income will be deducted”. We are able to claim insurance premiums too!
Informative article.keep going.
Thank you!
Well I got to know a lot of the regulations when handling and trading drugs, will be useful for me as I’m a medical student.
Good luck with your studies!