You may have noticed that filling up your car at the gas station is more expensive this year. You may have noticed that your trip to the grocery store is more expensive. But did you know that your trip to the pharmacy will also cost you more?
That’s right. This year, pharmaceutical companies hiked up the prices for 460 drugs — going up an average of 5%. Many prescription drugs are already considered too high by average Americans. According to polling from the non-profit the Kaiser Family Foundation, 8 out of 10 adults found the cost of prescription drugs to be unreasonable, and 3 in 10 haven’t taken their medication as prescribed because of the costs.
You shouldn’t skip out on important prescriptions to save money. This could put your health at serious risk. If you’re worried about encountering expensive prescriptions this year, these are some tips that will help you financially prepare.
Set Up an Emergency Fund
You never know when you’re going to need a prescription. You could be surprised by an infection, injury, illness or allergy any day—there’s no way to predict it. This is why you should have an emergency fund sitting in your savings account. An emergency fund will prepare you for surprise expenses, including prescription medications. You’ll be ready to cover the costs out of pocket right away.
What if you don’t have enough savings? If you don’t have enough savings and your insurance isn’t offering much help, you could look to a personal loan online for help. When searching for personal loans online, check to see what location they’re accessible in. For instance, if you live in Hawaii, you’ll want to narrow your search to a personal loan in Hawaii right off the bat. Otherwise, you could risk applying for a loan that isn’t available to the state of Hawaii.
An approved personal loan would allow you to cover the urgent expense quickly and then move forward with repayments. It’s simple.
One common piece of advice when you’re trying to save money on groceries is to skip the big-name brands and get generic items instead. The same can be said for prescription medications.
Ask your doctor whether a generic version of the drug is available for you. According to the Food and Drug Administration, FDA-approved generic drugs are often much cheaper than brand-name medicines while providing the same benefits and risks.
Order in Bulk
Some medications are meant to be taken indefinitely. For instance, if you’re taking an SSRI and need a refill, ask your doctor to prescribe you a 90-day supply instead of a 30-day supply. Getting a one-time bulk order often costs less than three month-long ones.
Prescription Savings Programs
Sign up for a free prescription savings program. The program will give you a prescription discount card that you can use to get reduced rates on a wide variety of medications in its network. The only catch is that you have to use the card instead of your insurance.
Your nearest pharmacy might also offer a paid prescription savings program. For a small fee, you could access discounted rates on prescription medications. For a little more, you can get a plan for the whole family. If you’re taking more than one medication on a regular basis, this could be a financially savvy solution.
Your health and your finances shouldn’t have to be at risk. Follow these tips.