Patients are being surprised about prescription prices at the pharmacy counters. Even with insurance, their copayment (the price the insurance tells the pharmacy to charge them) can be in the high double or low triple digit dollars. This financial burden is forcing patients to start asking for alternatives, generics, or even go without their medication – something I do not recommend.  

Furthermore, patients are realizing how much their insurance was subsidizing their prescriptions in the past. Now that the insurance companies are tightening their belts on prescription drug coverage to maintain shareholder value and salaries, they are passing some of the costs to their subscribers in increased premiums and/or copayments. While there are viable alternatives to paying for expensive medications (for example, using generics and manufacturer’s coupons), the sad reality is, that for some, there are none. Even some of the alternatives may not suit the patient’s condition based on their medical history. So be aware of “off the cuff” recommendations from others especially if they do not have a complete medical/medication history available to them.

On a similar note, patients need to ask themselves, “What can I do to lower my prescription expenses? If there is something that can be done through physical and dietary changes or social activity to minimize a medical condition, then this option should be fully explored to realize monetary savings. In conclusion, I challenge you to take a look at your own medication expenses and seek out competent advice to help you minimize those expenses without sacrificing quality of care…your retirement fund needs the money.

Until next time, stay healthy.

Dion