How to Cut the Cost of Medication

Certain medications you take may not be optional, but they can cost you much more money than you want to spend. If you’re looking to cut costs when it comes to getting your medication, take a look at some helpful pointers from The Sun’s Financial Diary:

  • Ask Your Doctor to Optimize Your Doses:

    With the advent of time-release medications, it’s often possible to step down to fewer pills each day and still experience the same health benefits. A dramatic decrease in the number of pills you take can be a relief for both you and your budget. Another optimizing option includes obtaining a prescription for high-dose pills and then splitting them yourself to achieve single-dose portions. For the price of one medication refill and the assistance of a pill splitting tool (readily available at most pharmacies for under $8), you’ll immediately reap two month’s worth of medication for the price of one

    The opportunity for savings is evident here, but be sure to run this method by your doctor first to make sure that optimizing your prescribed dosage is a viable option for you.

  • Turn to the Source of the Medication: check out the specific drug company’s website to see if you can find a printable coupon or a long-term savings program. You can also check with your pharmacist to learn more about money-saving prescription-providing offers.
  • Use a Warehouse Club:

    Most warehouse clubs carry their own discounted brand of OTC medications at a substantial markdown compared to their name brand counterparts. You’ll likely need to purchase a large quantity, but you’ll also limit the number of trips out to actually purchase the medication. As a service to members, warehouse clubs also often offer discounted costs on prescription medications. Unless you’re also taking advantage of some of the other savings warehouse shopping can offer, you’ll want to compare the cost of membership to your actual medication savings. If your overall savings isn’t more than the cost of the warehouse membership itself, it isn’t financially worth it to join in the first place.

Check out more helpful advice over at The Sun’s Financial Diary’s Cutting Medication Costs.