Smart Benefits: Five Ways to Save on Prescription Drugs
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Monday, December 26, 2016
Rob Calise, GoLocalWorcester Business/Health Expert
The rising costs of prescription drugs are straining family budgets. And according to a poll by the Kaiser Family Foundation of over 1,200 adults nationally, affordability of these medications top the public’s list of priorities for the President and Congress. While consumers wait for change, they can lower their drug spending by taking advantage of a number of cost-saving opportunities, including:
Shop around. Prices for drugs can vary widely between pharmacies. If a plan doesn’t have a preferred pharmacy, members should compare costs at multiple pharmacies. Walmart and Target both offer $4 30-day generic refills for certain medications. For more options, there are a number of free online tools and apps like GoodRx and OneRx that compare prices for drugs in a certain geographic area.
Consider switching to a generic or other less expensive alternative. Consumers should ask their physician if they can try a generic version of prescription medication. According to the FDA, choosing generic over brand-name drugs generally saves shoppers as much as 80-85 percent. If a generic’s not available, patients should review their health plan’s prescription drug tiers and ask their doctor if they can switch to a clinically equivalent drug on a lower tiered formulary list.
Split pills. Since many drugs cost about the same per pill, no matter the dosage, patients should ask their physician if they can shift to a prescription for half as many pills at double the strength. Then they simply need to use a pill splitter to cut the tablets in two.
Change to mail order for maintenance medications. For drugs taken on a regular basis, patients can get up to a three-month supply through mail order for a lower copay than they’d be responsible for at retail.
Review insurance plan options. During open enrollment, consumers should compare options. Key things to consider are formulary lists so patients can determine whether their medications are covered and in what price tier as well as deductibles. For example, if a patient has to pay the full cost of high-priced medications until they meet their deductible, it may make sense to choose a plan with a higher monthly premium and a lower deductible.
Rob Calise is the Managing Director, Employee Benefits. of Cornerstone|Gencorp, where he helps clients control the costs of employee benefits by focusing on consumer driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance.
Related Slideshow: #50 to #1: Doctors in Worcester That Received the Most Money from Drug Companies
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#50
Doctor: BOGDAN NEDELESCU
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $7,711
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#49
Doctor: NIKOLAOS KAKOUROS
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Cardiovascular Disease
Drug Company Money: $7,787
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#48
Doctor: DANIEL TANENBAUM
Field: Allopathic & Osteopathic Physicians/Physical Medicine & Rehabilitation
Drug Company Money: $8,430
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#47
Doctor: J.Lock
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Endocrinology, Diabetes & Metabolism
Drug Company Money: $8,459
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#46
Doctor: PETER TOMAIOLO
Field: Other Service Providers/Specialist
Drug Company Money: $8,711
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#45
Doctor: DAVID HARLAN
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Endocrinology, Diabetes & Metabolism
Drug Company Money: $8,734
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#44
Doctor: WALTER ETTINGER
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $8,926
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#43
Doctor: STANLEY TAM
Field: Allopathic & Osteopathic Physicians/Thoracic Surgery (Cardiothoracic Vascular Surgery)
Drug Company Money: $8,993
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#42
Doctor: JAN CERNY
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Hematology & Oncology
Drug Company Money: $9,004
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#41
Doctor: ROBERTO BOMPREZZI
Field: Allopathic & Osteopathic Physicians/Psychiatry & Neurology, Neurology
Drug Company Money: $9,015
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#40
Doctor: PATRICK CONNOLLY
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $9,422
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#39
Doctor: SALEEM KHANANI
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Hematology & Oncology
Drug Company Money: $10,432
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#38
Doctor: CHRISTIAN DIPAOLA
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $10,501
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#37
Doctor: KEVIN FLOYD
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Clinical Cardiac Electrophysiology
Drug Company Money: $10,521
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#36
Doctor: CHRISTOPHER VINTON
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $10,547
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#35
Doctor: MICHAEL BRADBURY
Field: Allopathic & Osteopathic Physicians/Ophthalmology
Drug Company Money: $11,285
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#34
Doctor: SPIRO KHOURY
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $11,569
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#33
Doctor: CAROLINA IONETE
Field: Allopathic & Osteopathic Physicians/Psychiatry & Neurology, Neurology
Drug Company Money: $12,513
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#32
Doctor: CURUCHI ANAND
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $14,792
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#31
Doctor: CHARLES BIRBARA
Field: Other Service Providers/Specialist
Drug Company Money: $15,061
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#30
Doctor: JENNIFER PAPPALARDO
Field: Podiatric Medicine & Surgery Service Providers/Podiatrist, Foot & Ankle Surgery
Drug Company Money: $15,218
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#29
Doctor: LAWRENCE GARBER
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $15,357
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#28
Doctor: THEO MEYER
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Cardiovascular Disease
Drug Company Money: $16,199
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#27
Doctor: JOHN WIXTED
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $16,292
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#26
Doctor: LLOYD FISHER
Field: Allopathic & Osteopathic Physicians/Pediatrics
Drug Company Money: $16,939
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#25
Doctor: SETH KATES
Field: Allopathic & Osteopathic Physicians/Dermatology
Drug Company Money: $17,106
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#24
Doctor: WILLIAM BALCOM
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $17,189
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#23
Doctor: IRA OCKENE
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Cardiovascular Disease
Drug Company Money: $20,250
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#22
Doctor: ALAN ROTHMAN
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Infectious Disease
Drug Company Money: $21,366
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#21
Doctor: MARK PRICE
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $21,649
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#20
Doctor: KRISHNA KANDARPA
Field: Allopathic & Osteopathic Physicians/Radiology, Diagnostic Radiology
Drug Company Money: $22,864
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#19
Doctor: DAVID CAVE
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Gastroenterology
Drug Company Money: $26,454
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#18
Doctor: CHRISTOPHER MACOMBER
Field: Allopathic & Osteopathic Physicians/Surgery
Drug Company Money: $27,285
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#17
Doctor: RAYMOND DUNN
Field: Allopathic & Osteopathic Physicians/Surgery, Plastic and Reconstructive Surgery
Drug Company Money: $28,671
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#16
Doctor: BONNIE WEINER
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Cardiovascular Disease
Drug Company Money: $28,951
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#15
Doctor: HERBERT MARKLEY
Field: Allopathic & Osteopathic Physicians/Psychiatry & Neurology, Neurology
Drug Company Money: $35,233
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#14
Doctor: SARAH CUTRONA
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $37,108
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#13
Doctor: YARON GOLDMAN
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Pulmonary Disease
Drug Company Money: $41,206
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#12
Doctor: ITALO LINFANTE
Field: Allopathic & Osteopathic Physicians/Radiology, Diagnostic Radiology
Drug Company Money: $63,654
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#11
Doctor: JEAN MARIE HOUGHTON
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Gastroenterology
Drug Company Money: $63,972
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#10
Doctor: MOHAMAD OCH
Field: Allopathic & Osteopathic Physicians/Psychiatry & Neurology, Psychiatry
Drug Company Money: $74,245
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#9
Doctor: FREDERIK PENNINGS
Field: Allopathic & Osteopathic Physicians/Neurological Surgery
Drug Company Money: $80,495
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#8
Doctor: JAY MARLIN
Field: Dental Providers/Dentist, Endodontics
Drug Company Money: $90,669
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#7
Doctor: BILAL PIPERDI
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Hematology & Oncology
Drug Company Money: $95,534
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#6
Doctor: GEORGE ABRAHAM
Field: Allopathic & Osteopathic Physicians/Internal Medicine
Drug Company Money: $97,836
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#5
Doctor: JONATHAN KAY
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Rheumatology
Drug Company Money: $121K
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#4
Doctor: ANDRES SCHANZER
Field: Allopathic & Osteopathic Physicians/Surgery, Vascular Surgery
Drug Company Money: $126K
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#3
Doctor: BRIAN BUSCONI
Field: Allopathic & Osteopathic Physicians/Orthopaedic Surgery
Drug Company Money: $209K
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#2
Doctor: TARIQ MUGHAL
Field: Allopathic & Osteopathic Physicians/Internal Medicine, Hematology & Oncology
Drug Company Money: $432K
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#1
Doctor: AJAY WAKHLOO
Field: Allopathic & Osteopathic Physicians/Radiology, Diagnostic Radiology
Drug Company Money: $1.01 Million
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