Guest Author - Rhonda Cliett

An important aspect of managing your home finances is to maximize the value of your dollar. When it comes to purchasing prescription drugs, we often feel our options are limited. However, this is not always the case. Let’s take a look at 7 ways you can save money when purchasing prescription drugs.

1. Reducing Quantity – When your physician places you on a new drug, you risk purchasing a large supply of the drug only to discover that you are unable to tolerate the drug or that it does not work for you. Drug companies will often provide physicians with a supply of sample drugs that can be given to patients in order for the patient to try the drug before purchasing a larger supply. If your physician does not have a sample, you can check with the pharmacy about initially purchasing only a 5-7 day supply of the drug rather than the full quantity. However, make certain to check the price of the smaller quantity in comparison to the price of the full quantity. In some cases you will find that purchasing the smaller quantity actually costs you more. Another consideration is that taking only a 5-7 day supply may not be sufficient time to determine whether or not the drug will work for you; only your prescribing physician can answer this question for you.
   
2. Increasing Quantity - Purchasing a 90-day supply of a drug is often times less expensive than purchasing a 30-day supply each month for three months. Check with your insurance company and/or with your pharmacy to learn of the cost benefits in purchasing a 90-day supply.
   
3. Coupons/Rebates - Many drug companies offer coupons or rebates. These are made available through several avenues including your physician’s office, the pharmacy, or the drug company's website.
   
4. Generic Drugs - Purchasing the generic equivalent of your prescription is less expensive than purchasing the brand name. Check with your pharmacist to see if a generic version is available and then check with your physician to see if she recommends the generic version.
   
5. Comparison Shop – You might be surprised to learn of the variation in drug prices between your local pharmacies. If time permits, call the various pharmacies and check prices before making your purchase. Several pharmacies will match a competitor’s price if you ask.
   
6. Shop online or by mail – Many of the pharmacies also offer online or mail order service for purchasing prescription drugs. This is especially beneficial if you live in a small town and have limited pharmacies in which to comparison shop. Here are a few to consider:
   
   
   • AARP Pharmacy Online – You must be a member of AARP.
     
   • VA Prescription Health Benefit – To verify eligibility, click here.
     
   • National Association of Boards of Pharmacies - Administers a seal of approval for licensed online pharmacies. One thing to remember is that many reputable local pharmacies do not apply for this seal because they only sell locally. However, this seal is very helpful if you are unfamiliar with the online pharmacy.
   
   
7. Partnership for Prescription Assistance – There are several programs which allow you to receive your prescription drugs at a reduced cost or free. Eligibility is usually determined by your income level. To determine if you qualify for these programs, go to PPA’s website.