How to Save on Prescription Health Care Costs

Sandy Botkin
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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:

  1. 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.
  2. 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.
  3. Always check your drugs at the web site: This lists the best prices in your area to get your drugs.
  4. Some plans make it much cheaper to buy drugs using their online vendor. Always check it out.
  5. 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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