Here's what the average American spends on prescription drugs – Motley's Fool



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Health care is a huge expense for working adults and retirees, largely because of the rising cost of prescription drugs. In fact, the average American spends about $ 1,200 a year on prescription drugs, according to the SingleCare Health Services Company. If your drug costs exceed your budget, it is advantageous to reduce them proactively. Here are some ways to do it.

1. Choose generics rather than drugs of origin

Although there is no generic version of each drug, many common prescription drugs have a lower price. And in some cases, asking them could save you a small fortune. It is estimated that 90% of generic copays cost less than $ 20, compared to only 39% of brand copays. It's a huge difference. And even though some health professionals prescribe generics automatically when they are available, not everyone does. If your doctor insists that you take a brand name drug, be sure to ask why and reject it.

Bottle of medicine open and sideways with spilled white pills

SOURCE OF IMAGE: GETTY IMAGES.

2. Order drugs in bulk

If you take a medication regularly, ordering in bulk could save you a lot of money. In fact, in some cases, you may be paying less for a 90-day supply of a drug than for a 30-day offer renewed month after month. Not only can the bulk order save you money, but it will also save you time. You talk about a win-win.

3. Request free samples

Medical practices are constantly harassed by pharmaceutical representatives who are looking to develop their new products. It is not uncommon for doctors to have expensive drug samples. The next time you 're prescribing a more expensive drug, ask if a sample is available. You may save a small amount of money by purchasing a week of medication that your doctor already has.

4. Ask for help

Many pharmaceutical companies have implemented patient assistance programs to help uninsured or low-income people pay for their medications. If you have an expensive prescription on your hands, it is helpful to see what help you are entitled to, especially if it is a medication that you will need to take on a continuous basis.

5. Do not be too quick to throw out the old medicine

We are told that expired foods can really hurt us – but what about outdated medications? It often happens that expired medications are safe, even though they may be less potent than before the expiry date. Therefore, if you are sitting on pills that could help you with a new illness, ask your doctor if they are safe and effective to consume before you rush to make a new prescription. This is especially true if the drug in question expires only.

6. Get another Medicare drug plan

If you have Medicare, opt for a different drug plan to make your prescriptions more affordable. Each Part D drug plan has its own form that determines the extent to which different drugs will be covered. As a result, your plan may offer limited or no coverage for the medications you need, while another plan may contain more. That said, you will have to weigh the cost of the premiums for each plan you are considering relative to your drug coverage.

There is no question that prescription drugs are a huge burden for Americans, regardless of their level of income. If you're tired of paying a fortune for your medications, be proactive in reducing your costs. At the same time, take good care of your health in general, as this may prevent you from needing even more expensive drugs in the future.

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