If you are trying a new medication, ask your doctor for a sample so you can make sure it agrees with you before filling the prescription. Get generic medications when possible. Many stores now offer $4 generic prescriptions on a long list of common medicines. Here are some stores that have this program - Walmart, Giant Eagle, Kroger, Target, and Fred Meyer. Next time you are in one of these stores ask them for their $4 list. Most of the stores also have the list on their web site. Even if you have insurance you may be better off paying the $4 cash price.
Most major insurance plans offer discount prescriptions by mail order. Find out what your plan offers. The most common arrangement works this way – you get a three-month prescription from your doctor, mail it to your insurance carrier’s pharmacy, pay two co-pays, and then the order is delivered to your home without additional shipping charges. The bottom line is that you get three months of medication for the price of two. If you are taking maintenance medication this is a great way to save money.
If you cannot afford your medications you may be able to get free or discounted medicine directly from the pharmaceutical company that makes the medicine. A good place to start is www.pparx.org or www.needymeds.org. Both sites offer information on discount medication programs. Most of the companies have income limits to qualify, but the limits are usually higher then the government poverty guidelines. On some offers your income limit is as much as 2.5 times higher than the official poverty level. Your doctor may also know of ways for you to get free or re
duced priced medication so be sure to check with him or her.
If you have a chronic health condition you may be desperate for a cure or some relief. Many companies and individuals understand your despair and they will try to take advantage of you and profit from your pain. Some alternative treatments are legitimate and may help you, many will not. Beware of any service that requires you to pay for numerous treatments upfront or recommends expensive medicine or herbs not covered by your insurance. Carefully research any treatment before committing; read articles both for and against the treatment. Most importantly, check with your doctor before beginning any new treatment. Compassionate doctors will often recommend legitimate alternative treatments.
Flexible Spending Plans – Medical Expenses
If your employer offers a Flexible Spending Plan (FSA) and you have more than $250 a year in medical expenses you should participate in the plan. What is a FSA plan? Basically it is a way for you to contribute pre-tax dollars to an account that your employer manages for you. Then, when you incur medical expenses, you turn in a receipt and your employer reimburses you. It is like getting a 30% discount (the average tax savings) on medical care. It is also a great budgeting tool because the money is deducted from your paycheck in equal increments throughout the year, but you can make a claim for the entire amount at any time. Check with your human resource department for complete details.
It is common to blow off participating in a FSA plan because they are “too complicated”. Often the official sign-up meetings can seem overwhelming because every last detail is covered. Talk to some co-workers who already participate in the plan and ask them to give you the simple version of how it works. They can probably explain your company’s procedures in a few sentences, and they will most likely throw in how beneficial participating has been for them.
Another fear is the “use it or lose it” rule. What this means is that any money left in your account at the end of the year cannot be carried over. This problem can be avoided by only claiming expenses you know you will incur such as: dental cleanings, glasses, and maintenance prescriptions. Don’t pad the amount you claim to cover things that might occur – like emergency room visits. A recent IRS ruling now gives you until March 15th of the next year to use up any leftover money, but your plan has to officially adopt the new rule before you are eligible for the extension. Check with your employer’s human resource department to see what their policy is.