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“Sleep is my drug… my bed is my dealer and my alarm clock is the police.”
How to save money on prescription health care costs:
With the Affordable Care Act’s higher deductibles and stop losses, health care costs are higher than ever. I don’t need to tell you about this since you have probably experienced it. Even Medicare has some high deductibles, especially for prescription drugs.
I just found out that one of my drugs will be $79 a quarter and the other one will be $59 a quarter. So, what can we do in order to cut these costs? Here are some tips that I was able to do that saved me a bundle:
- Ask your doctor if there is a “generic equivalent” to the drug(s) that you are taking. Generic equivalent drugs can be as much as 85% LESS and just as effective.
- If one doesn’t exist, Ask your doctor is there is a “therapeutic alternative” that treats the same condition but costs less under the plan.
- Always check your drugs at the web site: goodrx.com. This lists the best prices in your area to get your drugs.
- Some plans make it much cheaper to buy drugs using their online vendor. Always check it out.
- Finally, if you have a high deductible health insurance plan, you can take advantage of a triple tax break with a Health Savings Account (HSA). This allows you to contribute pre-tax dollars (or tax deductible money) to the health savings account, which intern grows on a tax deferred basis and can be used tax free for any medical or dental expenses not covered by insurance. the maximum contribution to the HSA if you are single is: $3350 for single taxpayers ($3,400 in 2018) and $6,750 for families of two or more in 2017 ($6,900 in 2018).
I would bet that following the advise in this post could save most Americans at least hundreds per year and certainly make their lives less taxing.
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