Savvy consumers know that comparison shopping is the name of the game. We hunt for the best deals on everything from televisions to high end fashion. But did you realize you can save hundreds of dollars a year by comparison shopping for your prescription medications as well?
The exact same prescription drug could cost five times as much or more depending on the pharmacy. In Albuquerque, NM, for instance, ABC News found the heartburn drug Pepcid for $13 at Sam’s Club. The same prescription cost $87 to fill a few hundred yards away at Walgreens.
Price discrepancies between pharmacies were often so large that Chicago doctor Leslie Ramirez started Leslies’s List, a prescription price comparison website that helps patients find the best deals on their medications.
The diabetic medication glucophage, for instance, priced for 38 cents a pill at CVS could be purchased at Walgreens for just 4 cents a pill. Dr. Ramirez discovered that the commonly prescribed breast cancer drug Arimidex cost $347 at Walmart but could be purchased for just $27 at Costco.
Following in the footsteps of Dr. Ramirez, entrepreneurs have developed similar prescription pricing websites to aid consumers. GoodRx.com, for instance, helps people find the cheapest drug prices by ZIP code.
While those with premium insurance plans may not notice much of a difference shopping around for prescriptions, the underinsured or uninsured could reap huge benefits from looking for the best prescription drug deals.
Here are a few tips to get the most for your money.
1. It pays to shop around. Use websites like Leslie’s List (if you live in Chicago or Dallas) or GoodRX. Alternatively, don’t be afraid to pick up the phone and call pharmacies in your area to find the lowest prices. Don’t forget to ask if they price match. Frequently a pharmacy will match the prices of competitors allowing you to obtain all of your medications in one location.
2, Check with your local grocery store. Many supermarkets offer antibiotics, diabetes medications, and pre-natal vitamins for free with a doctor’s prescription. Publix, Giant Eagle Supermarkets, and Meijer are just of the few supermarkets offering free supplies of certain antibiotics and diabetes medications.
3. Just because you have a prescription for a generic drug doesn’t mean you’ll automatically get the best deal. Even the exact same generic prescription can vary dramatically in price from place to place. Big box retailers like Target and Walmart often have rock bottom deals on generics. Target, for instance, offers hundreds of generic drugs at $4 for a 30 day supply.
4. Costco often offers even bigger discounts. Costco consistently rates as one of the lowest priced sources for prescription medications. According to one investigative report, a 30 day supply of anti-seizure medication Divalproex DR, for instance, cost $94 at Walgreens but just $14.27 at Costco.
Many states have laws that permit you to take advantage of buying clubs like Costco even if you don’t have a membership, as long as you’re buying prescriptions and other medical supplies. Check with your local Costco to see if a membership is required in your state.
5. Make sure each pharmacy you use has a complete list of the medications you’re taking, even if those medications are from another pharmacy. Certain medications may interact with each other in a way that can adversely affect your health. With a complete list of medications your pharmacist can flag potentially harmful drug-drug interactions.
BMWK, what are some of the ways you save on prescription drugs and medical supplies?
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