IMPROMPTU SCRIPT: Rising costs of medications don’t have to affect your budget

Not all medications are created equal, especially in the eyes of the health care companies that are paying the majority of costs for them.

Consumers who wait patiently on line at their pharmacy of choice are incredibly grateful when they compare the actual cost of the medicine versus what your co pay actually ends up being. That $5, $10 or $20 price tag far exceeds the potential of paying in upwards of a few hundred dollars for one prescription.

But what if you can’t afford health care or you have one particular medication that either isn’t covered or your insurance company only takes care of a small piece of an otherwise large expense. That means you’re responsible for the remainder, and that hefty price tag might be too much for you to handle.

Spending as much on medicine per month as you would on a car loan or mortgage is more than enough to sink any thoughts you might have of saving money.
Aside from shopping around and buying health insurance on your own, that still doesn’t account for co pays on specific medicine that might be too much for you to handle. If that situation arises, you don’t have to sacrifice what money you have stored away or go deeper into debt just to ensure your health isn’t compromised.

You have options that go well beyond taking out a loan to cover these added expenses.

Consider ordering your medication in bulk through a mail order company that specifically deals in generics. Even if they don’t have generics are part of the equation, ordering large amounts at one time cuts back on the overall cost.

As part of your doctor’s office visit, you can always ask the physician for some free samples in the short term or inquire with the office manager about any types of assistance programs, whether those are on the national or state level or done directly with the drug manufacturer.

Some of these programs are directly related to your income and can drastically reduce your out of pocket expense. A $50 copayment, for example, could go down to $5 just by asking a few questions and filling out a bit of paperwork.

And when in doubt, you can always go back to an old reliable: coupons or various promotions offered by the retail. Plenty of weekly circulars from the likes of K Mart and Target toss incentives toward customers in the form of gift cards or discounts if they switch pharmacies. When it comes to prescriptions that become remarkably difficult to pay for, every dollar off counts.

The toughest aspect of medication as it pertains to saving money is knowing that, no matter what, you’re going to need the prescription. How you go about securing them and, more importantly, paying for them determines your financial fate moving forward.