Diabetes - 5 Ways to Save Money on Medicine

Diabetes - 5 Ways to Save Money on Medicine

Are you struggling to make ends meet due to the cost of medication? Would you rather spend $50 on a night out than on a medication co-pay?

Here are 5 ways to keep your hard-earned money in your pocket.

1.Search for pharmaceutical company coupons.If you go to the trouble of using a 50 cent coupon on a can of beans, wouldn't you be happy to save $50 on medication? Even if you have a prescription, you can easily save $10 to $50 on your co-pays. In recent years, pharmaceutical companies have increased drug prices to allow brand-name drugs to compete more effectively with generics: They raise prices and then offer coupons to defer your out-of-pocket costs. Do an online search or enter the drug name as a domain name.

2.Look for drugstore coupons. Chain pharmacies try to attract new customers by offering coupons or discounts on new or transfer prescriptions. Often these coupons are worth more than the cost of medications, typically $20 to $25 for in-store items. Check online at store websites and look for deals in the mail or your local newspaper. When you transfer a prescription to a new pharmacy, you're not obligated to stay at that pharmacy forever - although the store certainly hopes you do.

3.Enroll in a patient assistance program.If you are uninsured and your income is less than 2-3 times the federal poverty level, you may qualify for free medications through a pharmaceutical company's patient assistance program. Instead of saving $10 or $20 on monthly medications, you can save up to thousands of dollars per year. Many of the expensive diabetic medications are available at great savings through the Together Rx Access program on the website of the same name.

4.Ask your doctor for samples.If you don't qualify for a patient assistance program but need one of the newer diabetes medications, ask your doctor for samples. Although your doctor may not be able to provide you with ongoing care, even a few months' worth of a week can add up to hundreds of dollars per year. If your doctor doesn't have samples, he or she can request them through the drug company. Your doctor may also have coupons that are cheaper than those you can find online.

5.Ask your doctor about generics.Just because your doctor prescribed you a brand-name medication doesn't mean that's the final answer. Your doctor may not be aware of your financial or insurance situation. He may not even know the cost of the prescribed medication. Print out a copy of a $4 list from your local chain pharmacy and take it to your doctor, who may find an affordable option for you.

Copyright © 2010 Cynthia J. Koelker, MD

Inspired by Cynthia Koelker