Understanding Your Medical Insurance

Posted on: 14 November 2016

Prescription drug costs have risen about ten percent over the past year, and, with insurance deductibles rising, people are looking for ways to cut their prescription expenses. The good news is, while you can't stop drug prices from increasing, you can take several concrete steps to lessen the financial impact. Below are a few tips that will help keep your prescription drug costs lower:

Trust that generic medications will work for you

While it is common knowledge that generic medications are lower cost than name-brand prescriptions, many people don't fully utilize this built-in cost savings due to fears that generics are somehow inferior. However, the Food and Drug Administration (FDA) requires that generic medications use the exact same formulation of active ingredients as name-brand drugs, and this should provide you with peace of mind about the efficacy of generic drugs. Your doctor or pharmacist can help provide you with confirmation of the effectiveness of generic medicines if you have questions about a particular prescription.

Be assertive with your health care

Another means of saving money on prescription drug costs is to take charge of your health care and be proactive when evaluating your treatment options. Talk with your doctor about your options, and be frank with them when it comes to prescription medicines. Physicians will prescribe what they believe are the best drugs, even if that means it is a name-brand medication. However, it is important that you explain your desire to keep prescription costs low, and ask for suitable alternatives. Most doctors will have a list of possible alternative medicines available and will gladly allow you to try something different. Of course, never compromise your health by not taking a drug that is critical to your recovery, but in the vast majority of situations, you won't need to worry about getting sub par treatment by taking a less-expensive drug.

Buy in bulk

Mail-order pharmacies are another key to saving money on your prescription drugs that are taken on an ongoing basis. These pharmacies cut costs by eliminating the need to use a retail distribution network and can ship medications to you directly in larger quantities. As with most things you buy, obtaining drugs in bulk is a good way to reduce your expenses. Just be prepared to order your medicines ahead of time to avoid running out while waiting on a shipment to arrive.

Split pills when permissible

Medicines are often priced per pill rather than by strength. That means you might be able to save a considerable amount of money by asking for double-dose pills and splitting the pills in half to extend your supply. However, it is important that you always have your doctor approve any type of pill splitting, as doing this with extended release medications could result in a dangerous overdose.

For more information about ways to afford your prescriptions, talk to a medicare insurance provider like Veltkamp Agency Inc.