The Official Medtipster Blog

Ask your pharmacist for the newly released generic equivalent.

www.Medtipster.com Source: WalletPop.com, by Barbara Thau – 2.15.2011

As the economy still muddles through a funk, the price of prescription drugs continues to soar. in fact, drug prices are the fastest growing chunk of consumers’ healthcare expenses, according to the non-profit Families USA.

But there are myriad ways to meaningfully trim your prescription drug bill. From generic drugs to assistance programs — here’s how to save on your meds — and do so safely.

Avoid Brand Names

To slash as much as 70% off the price of your medications, buy generic.

“If you are given a prescription for a brand name drug from your doctor, it’s always good to ask, ‘Is there a generic equivalent for this drug?’ ” says Jody Rohlena, senior editor at Consumer Reports’ ShopSmart.

A recent report by Best Buy Drugs, a division of Consumers Union (Consumer Reports’ parent company), examined the safety and effectiveness of prescription medications and found that generics are as safe and effective as brand names.

Tap Low-Cost Prescription Programs (Located On Medtipster.com)

Take advantage of the price war being waged among national discounters and supermarket chains for generic prescription medications.

Walmart, Target and Kroger charge $4 for a month’s supply on hundreds of generic drugs. Some other options, recommends ShopSmart, include Costco, Kmart, Drugstore.com and Walgreens, which also run reputable and highly-affordable discount drug programs.

To save a few extra dollars, ask your doctor for 90-day prescriptions. Walmart, for example, offers $4 for a month’s supply and $10 for a 90-day supply. With buying in bulk, the savings will add up as you fill more prescriptions and it will also save you trips to the drugstore.

‘Splitting’ the Cost

If you take prescription drugs to treat a chronic illness, you might be able to save money by splitting your pills — literally cutting them in half. With prescription medication costs soaring, many doctors are advising patients to do just that.

Pill-splitting can save money because pharmacies routinely charge roughly the same amount for a particular medication, regardless of the dose. But don’t go it alone: It’s crucial to consult your doctor about splitting your pills as not all medicines can be safely divided.

For example, a once-a-day drug may cost $100 for a month’s supply in either a 100-milligram dose or a 50-mg dose. If your doctor prescribes the 50-mg pill, it will set you back $100. But if your doctor prescribes the 100-mg pill and instructs you to cut it in half, $100 will get you two months worth of the medication, according to The Shoppers Guide to Prescription Drugs: Pill Splitting, a report from Best Buy Drugs.

Pill-splitters cost between $5 and $10 and can be found in most drugstores.

Although the American Medical Association opposes the practice, they acknowledge that many pills can be split safely if done correctly, the Best Buy Drugs report says.

Ask for Help

If you’re having trouble paying for medication, let your doctor know.

A physician can help spell out your options, such as financial help through your insurer, if you have one, and patient-assistance programs that you might qualify for.

Some pharmaceutical companies also provide free and low-cost medications to people who cannot afford to pay for medications.

RxAssist offers a database of such programs, as well as ways to manage your prescription drug expenses. DestinationRx is another source, with price comparison tools and guidance on drug-purchasing options.

Rx Savings for Seniors

The quest for affordable medication takes on a heightened sense of urgency when it comes to seniors: Most seniors are on a fixed income and are among the biggest consumers of prescription drugs, representing 34% of the prescriptions filled in the U.S., according to Families USA.

High costs mean that many seniors “have had to make some tough decisions in terms of taking their medicines,” says David Allen, a spokesman for AARP.

Now the government is offering some relief. A provision in the new healthcare law is designed to take a bite out of what’s known as “the doughnut hole,” and over time close the coverage gap on prescription medications.

As things were last year, once seniors spent $2,830 on medication, they had to pay 100% for their prescriptions until they reached the $3,610 threshold — a financial hardship for many older Americans. Now, when they reach the $2,830 threshold, the government will chip in 50% of the cost for brand-name drugs and 7% for generics, Allen says. By 2020, the doughnut hole will cease to exist, says Allen.

If you’re on Medicare, keep track of your particular prescription costs with AARP’s Doughnut Hole Calculator.

Use it to alert you when you’re nearing the coverage gap. It also will offer a list of alternative, lower-cost drugs based on your prescription drug profile that you can take to your doctor to discuss whether switching to a lower-cost drug will work for you.

In addition, AARP provides a handy Drug Savings Tool link where consumers can compare a drug’s efficacy and price against alternative medications listed by Best Buy Drugs.

Buyer Beware: Pharmacy Fraud

Pharmacy fraud is alive and well and living on the Internet. Scam artists are there seeking money, or personal information to commit identity theft.

These types of predators mostly hunt their prey online, says Sally Hurme, senior product manager of education and outreach for AARP, who tracks pharmacy scams that target the entire drug-purchasing population.

When an online offer seems too good to be true, it probably is. An email offer for prescription medications at bargain basement prices (that does not come directly from a well-known retailer or your health insurance company) is most likely a scam, Hurme says. And email that says “Viagra for $10″ or “Prilosec for $5,” for example, should go right in your email trash — chances are that it will wind up in your spam folder anyway.

Scam artists often masquerade as online pharmacists. They woo consumers to pay upfront in exchange for a supposed drug discount card. Shoppers who “order” their medications receive nothing at all, or drugs that are compromised in some way — be they expired or at the wrong dosage.

Be skeptical. Before filling a prescription online, be sure that the pharmacy requires a doctor’s prescription. And never provide your personal information — such as your Social Security number, credit card or health history — to a website unless you’ve verified that it’s secure, says AARP.

Generic drugs save people hundreds or even thousands of dollars each year, but did you know you could be paying absolutely nothing out of pocket, and your employer’s cost could be significantly reduced – both at the same time.

By now you’re familiar with Medtipster.com. We encourage generic drug purchasing over brand name drugs because they are just as effective, and cost less. You also know where to find your generic prescription at the lowest cost, right in your neighborhood.

If you have insurance, the cost of a generic for you could be a $15 co-pay, and your employer eats up the remainder of the cost, which is an average of $17.00. If you’ve found your generic on a $4 generic program by using Medtipster.com, you pay $4, and your employer pays nothing. We know you love Medtipster.com, but now we want your employer to love Medtipster.com too!

Free prescriptions have been our thing lately, in case you haven’t noticed. Thousands of Michigan residents have received free prescriptions since the beginning of December 2009. We are almost ready to take this free prescription giveaway nationwide, but first, we thought of another way to encourage generic drug purchasing, and you don’t have to be a Michigan resident to take advantage of this program. It’s called the Medtipster MVP.

With this program, employers partner with Medtipster.com to essentially give their employees free prescription cards, redeemable at pharmacies that employees themselves locate on Medtipster.com. The idea is to encourage generic drug purchasing over brand name drugs, and to reduce current and future healthcare costs to the employer.

It works like this example:

Sandy takes Zocor.

Sandy works for ABC123 Inc. and they have partnered with Medtipster.com.

ABC123 informs Sandy that her prescription is available for free if she logs on to the company website portal.

Sandy locates her generic equivalent at her neighborhood pharmacy, then prints out her custom ID card from the company’s privately labeled Medtipster.com site.

Sandy takes her ID card to this participating pharmacy and receives her prescription for Zocor generic equivalent for free.

Because the participating pharmacy has Zocor on a $4 generic program, Medtipster sends ABC123 an invoice for $4, plus a small administration fee.

Looking back at the example in the second paragraph above, this saves the employer an average of $17 per employee’s generic prescription. If you work for a company that employees 1,000 people, and half of those employees take a monthly generic prescription, they spend on average $102,000 each year covering “remaining” costs of their employees’ prescriptions. With the Medtipster MVP, the same company would spend an average of just $24,000 each year, for the SAME generic prescriptions! That’s $78,000 A YEAR!

$78,000 A YEAR.

I like to repeat myself when it sounds that good.

If you would like to see your employer save this kind of money every year, and get free prescriptions, let us know what you think. Let us know who we should talk to at your company about implementing this program. Let’s save some money, and change the way we think about prescription plans.

The idea of saving money is the sole reason why people go to different stores for different items, if they know ahead of time they can spend less to get the same item. Why would prescriptions be any different, I suppose?

We at Medtipster.com encourage you to use our database to find the pharmacy with your specific prescription available on a pharmacy’s $4 generic program close to your home. If you’re taking several medications, this could mean you have several different pharmacy visits every month or every three months. It seems like it makes sense, but then again, does it have to be this way?

Pharmacies want your business. They want to keep you as a customer. Many offer gift cards and incentives to get you in there once, with every intention of keeping you. Next time you have a prescription, you’re already in the database, the pharmacy technician is familiar with your prescription history, and the hassle of a new pharmacy is obsolete. So, why wouldn’t they do what they have to do to keep you?

Price matching is something we hear all the time. This takes me back to my original question, why would prescriptions be any different, I suppose? They are not. Ask your pharmacy technician to match the price being offered at the next pharmacy! It can’t hurt to ask, and all they can say is, “no.”

Find your generics on Medtipster.com first then make a note of where the other generics are available on a generics program. Print the list, or go directly to the competing pharmacy and ask for a print out of the generic’s cost. Take that to the pharmacy of your choice and simply say, “I want to keep all of my prescriptions here, can you match the price of this competing pharmacy’s generic equivalent?”

Switch it up and save! Save time, gas money, and frustration.

Source: MSN Money http://articles.moneycentral.msn.com/SmartSpending/blog/page.aspx?post=1349052

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