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How to save money at the pharmacy

26th August, 2013 · Andy Prescott

pills

Saving money at the pharmacy- Ask an expert

Generic Medicine

I recently asked a Pharmacist what the best way to save money on prescriptions at the pharmacy.  She told me that I should make sure I was buying the generic version of a medicine whenever one is available.  The name brand medicine can cost several times what a generic version costs.

Even if you have insurance that covers prescription drugs, generic medicine can save you a lot of money.  On my insurance for example, the copay for name brand medicine is $30-$45.  The copay for generic medicine on the other hand is only $15.  Many generic medicines cost much less than my $15 copay.  Discount pharmacies such as Walmart or Target sell many generic prescriptions for as little as $4/ month.

It is not a surprise that generic medicine costs less, but is it really a good idea?  Are the generic medicines as effective as the name brand medicine?  They are according to the pharmacist I spoke to.  She pointed out that many times the generic versions of the drug are manufactured by the same companies that produce the regular versions.  She even pointed out a few generic medicines that had the name of the name brand medicine printed on the generic pills.

It wasn’t just my pharmacist that believes in generic medicine.  A recent study done at the university of Chicago found that 90% of pharmacists use generic pills when possible, while only 70% of the general population chooses generics.  If the experts are using generic medicines shouldn’t you be too?

Choosing a pharmacy

Besides using generic medicines, the other way to save money on prescriptions is to use the right drug store.  A recent report by consumer reports shows huge differences in what drug stores charge for generic prescriptions.  Consumer reports found that their sample of 5 generic drugs cost as little as $167 at Costco or as much as $916 at CVS.  That is a large difference.  For those who don’t have a Costco near where they live, healthwarehouse.com had the cheapest price from a website in the Consumer Reports study.

But Costco wasn’t the cheapest price on all the medicine, so I recommend calling several pharmacies to get price quotes to see who has the best deal on the medicines you need.  Spending a little time to make a few phone calls can save you a lot of money.

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Hi, I'm Andy.  I love saving money.  This website is my instruction manual on saving money every way I know how. Hi, I'm Andy. I love saving money. This website is my instruction manual on saving money every way I know how. Follow @artofbeingcheap

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