How To Save Money on Your Prescription Drug Costs

Health care in America is expensive. One of the biggest costs? Your medications.

A recent studyfrom researchers at the University of Southern California highlighted part of this expensive problem. Based on their analysis, 23 percent of customers overpaid for their prescriptions. Nobody will tell you you’re overpaying, not the pharmacist — who might not be allowed — and certainly not your insurance company.

If you’re one of the nearly 50 percentof Americans who’s taken at least one prescription drug in the last 30 days, it probably won’t surprise you that 16.7 percentof healthcare spending in 2015 was on drugs alone. That’s a total cost of about $457 billion annually, and the prices aren’t going down any time soon.

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I’m fortunate in that I receive free medical care from the VA, but my girlfriend has a HMO with a small co-pay. However, she has a max that the HMO will pay in a 12-month period, and any amount over the max falls 100% on her (aka “donut hole”). Thus shopping around for the lowest price will make a big difference.

@SzAdmin , I recently read (not sure if it’s true) that Medicare will now have the ability to negotiate prices with pharma, which should result in lower costs for prescription drugs. I hope that’s true.

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That’s illegal and I never did it but I understand.