Eight ways to save money on prescription drugs

Prescription medications are a necessary cost. One of those that, no matter how poor the economy gets, you can't eliminate from your budget. Especially true for those with chronic illness or psychiatric disorders. The truth is, almost 40% of people on prescription medication have, at one point or another, experienced the hassle of dealing with a financial difficulty while obtaining their prescription.

It is also a myth that having health insurance makes these problems non-existent. Many plans, especially the basic plans, will not cover psychiatric medications, medications for rarer illnesses, medications taken over long periods of time, or new medications on the market.

• Get a flat rate prescription plan.- Great for those without health insurance. Wal-mart, Target, Kroger and Food City all have flat rate $4 prescription plans, and other pharmacy like CVS, Rite-Aid and Walgreens have competitive prices as well. If you do have insurance, you'll pay $4 instead of your usual co-pay.
• Go Generic!- It goes without saying, but some people are still stuck on the brand name idea. IT DOES NOT MATTER!! Make sure to either ask your doctor to specify generic, or ask the pharmacy to substitute.
• Ask for free samples- Chances are, your doctor has some free samples. See if you can get some, and take those to try the medication out before you pick up (and pay for) the Rx from your pharmacy. Most doctors have a ton of samples from the drug company salespeople and are happy to share them, but you'll get more if you ask.
• Double up the dosage- Higher strength tablets often cost the same, and if you get them filled this way you can double the time in between refills by splitting the larger doses in half. Learn More about the double-dosage trick.
• Don't do it because the TV said so- Yes, they say "ask your doctor", but that doesn't have to mean that particular medication. Remember they are advertisements. Instead describe the symptoms to your doctor (in your own words) and go from there.
• Find a prescription assistance program- These programs are aimed to assist those who make less than $20,000 per year. Check out Consumer Report's guide on getting assistance
• Look for over the counter (OTC) alternatives- Surprisingly, many medications that you need a prescription for, have competitors with very similar ingredients available over the counter. Obviously, the OTC medications are much cheaper. This is often true when it comes to for medications for allergies, heartburn, flu and cold, and heartburn.
• Be cautious about buying from Canada or Mexico - There are certainly bargains to be had by purchasing medications across the border, but there are both safety and financial risks.  There are plenty of reputable Canadian and Mexican pharmacies, but it's difficult for an outsider to know which places are trustworthy.  Many cases of expired, or even counterfeit drugs have been uncovered.  Aside from the safety issues, they aren't always cheaper.  Have a look at the chart below that comes from an FDA web site.  The chart was created by looking at detained mail packages in the U.S., and examining the receipts for the Canadian drugs in the package. They then compared the cost on the receipt to the same medications purchased from a U.S. pharmacy.

 U.S./Canadian Price Comparisons