As outpatient prescription drugs are not covered by Medicare, those costs can be a severe drain on income in retirement. Some estimates have seniors spending about 3.1% of their annual income, just to cover medications. Erin Fox, who directs the Drug Information Center at the University of Utah explains: “The amount of money people spend on prescription drugs has nearly doubled over the past three decades as pharmaceutical sales and profit margins increase… why are prices so high, yet Research & Development spending hasn’t increased very much.” Our family has seen this first hand. Our second oldest son has a severe nut allergy; so we always have an epi-pen on hand. The Mylan drug company was caught getting greedy when they raised the price of an epi-pen 2 pack to $600. It is alarming they would raise the price of a lifesaving prescription to such an exorbitant amount. After the American public and then congress were outraged by their exorbitant price, they were forced to lower the price, but it is still at $200 today; much too high for something so simple and necessary. Most prescriptions have been raised and remain high, but there are great options to bring your costs down.
There are two main websites that search out and find the lowest cost on prescriptions in your area and provide you a significant discount. My family has used GoodRx and has been pleasantly surprised with how much it has saved us, even over our health insurance copays; some prescriptions are actually free. At Goodrx.com and lowestmed.com you can search for the lowest price on medications from their website, find the closest location, and simply print the coupon to save. There is no cost to use their service.
You can decide which service you would like to use by looking at the list of most prescribed medications on the market and their pricing at each discount website. Either option you choose should save you some serious money on medications.
(Courtesy of Clarkhoward.com)