Here's a way to save money on your prescription drugs -- by buying generic drugs when available. The details from Money magazine:
Whenever you can, opt for generic drugs, which on average cost less than a third as much as their brand-name counterparts, according to the National Association of Chain Drug Stores. If you're paying retail for one prescription a month, you'll save $863 a year by going with the generic version instead of the brand name. Got drug coverage? You'll still save $13 on the average prescription co-pay, or $156 for a year's supply. And don't forget about over-the-counter medications: By sticking to the no-name store brand, you'll save $100 of the $400 that the average American spends annually on over-the-counter drugs.
There are some BIG savings to be found by buying generic prescription drugs. And what's the difference? If the generic does the same thing, what does a name brand offer?
For more details, see Don't Pass Up Generic-Drug Savings. And for additional ideas on saving on prescription drugs, see these posts:
People automatically think that brand name is better. Medicine doesn't operate like the retail industry.
Generic products and brand names medicines are exactly the same.
The ingredients are identical, so why do people feel so inclined to pay more?
Posted by: TJP | December 15, 2006 at 09:28 AM
Everyone has to watch out for themselves. No-one else is going to take care of you. Even folks with insurance should pay attention. If you've got a $10 co-pay on a generic ask what the cash price is because it might be less than $10!!
Posted by: Karen | May 29, 2009 at 03:54 PM