Prescription Drugs: Saving Money in Today's Economy

It seems that every day we are barraged by newscasts warning of a state of emergency in our American economy. If you are concerned about maximizing your buying power, here's some information that can save you hundreds of dollars in the coming year.

A significant portion of the average American's household budget gets earmarked for health care, including costly prescription drugs. According to a February 2008 report by Reuters, an extensive study performed by Express Scripts, Inc. noted a 32 percent increase in the number of prescriptions per person between 2000 and 2006 leading to the conclusion that more Americans than ever are using more prescription drugs. According to most recent Centers for Medicare & Medicaid Services report, Americans spent more than $2.2 trillion on health care in 2007.

National cost averages don't mean a thing when it comes to your personal budget. It's the ability to save on your specific prescription drugs that is extremely important for budget planning. If you are going to save money on medications, you'll probably consider these three methods: (1) going without the medication, (2) buying drugs from less expensive sources, perhaps over the Internet and (3) utilizing discount buying services on generic prescription drugs.

The first choice of foregoing the medication entirely is the most cost effective, provided of course, that the result is not serious illness, hospitalization or worse. Talk to your doctor and ask him to clearly explain whether or not the medication is really necessary. If your doctor won't be candid with you, it might be time to seek out other medical opinions.

The second choice, joining the ranks of those purchasing prescription medications online, is dangerous according to the FDA: "Avoid purchasing any drug products that are not approved for sale in the U.S. (including foreign-manufactured versions of U.S. approved drugs). FDA cannot assure that these products conform to the manufacturing and quality assurance procedures mandated by U.S. laws and regulations and, therefore, these products may be unsafe. In addition, such products are illegal in the U.S. and, therefore, may be subject to entry refusal..."

The third choice of utilizing generic prescription drugs and discount buying services is cost effective, safe (when recommended by your doctor) and legal. According to the FDA, generic prescription drugs are identical or bioequivalent to the brand name counterpart with respect to most properties. This means that the generics recommended by your doctor are identical in dose, strength, method of use, safety and intended use. The generics are less expensive; sometimes dramatically so. When you combine the generics with purchase programs such as the $4.00 prescription drug program offered by Wal-Mart Stores and others, your annual cost for prescription drugs can be drastically reduced.

If you need to save money in these turbulent times, consider the cost of medication as a very likely source of savings. Just remember the warnings for the "going without" and buying online methods; then talk to your doctor about getting the most out of your health care dollars with generic prescription drugs and discount buying programs. Be healthy, wise and save some money at the same time.