Spending Wisely Prescription-drug prices in the U.S. are skyrocketing...
In just the past year alone, prices on drugs are up nearly 10% on average. But some are even worse.
Last month, one of my assistants found that the cost of one prescription more than doubled in price from the previous month.
I'm sure many of you heard about the dramatic increase in the cost of the anti-malaria drug Daraprim – from $13.50 per pill last year to $750 per pill today.
If you need prescription medications, you don't have a lot of options if the drug companies decide to raise prices. But there are ways to cut costs.
Today, I'm going to show you two ways to spend much less on your prescriptions.
Cost Cutter No. 1 – FREE DRUGS: The best-kept secret of the drug business is that you can get almost any prescription drug in the world, free. Don't expect to hear this secret from your pharmacist... or even your doctor. But these programs are perfectly legal... and are being used by thousands of Americans.
Most people don't take advantage of these freebie programs, simply because they – and their doctors – don't know the programs exist. Drug companies don't disclose the exact criteria it takes to qualify, but it's certainly easier to receive free drugs from a private company than it is to get assistance from the federal government.
This great website can help you discover whether you can get free drugs. Go to www.pparx.org and click on the button for patients. There, you can enter the drugs you take and fill out a simple form. The website will tell you which drugs are available for financial assistance and from what company. I highly recommend this site for determining where to find free medication. But if you already know who makes your drug, go directly to that drug company and see if you qualify. You can look up their websites, but these can be confusing. I'd encourage you to call the company directly.
When you call, ask the operator for the "patient-assistance program." They can help determine your qualifications. And don't forget the complete list of free drug programs on the Pharmaceutical Research and Manufacturers of America (PhRMA) website: www.phrma.org. Or you can even call them at: (202) 835-3400.
Keep in mind, companies initiated these programs as assistance for low-income folks who struggle to afford their medications. Each have different criteria for giving out free medications. In general, to apply, you'll have to verify your income and medical expenses. And not everyone qualifies.
Cost Cutter No. 2 – FIND THE BEST PLACE TO BUY IN YOUR TOWN: Want to know the nearest place to buy the cheapest medications? Be sure to visit www.goodrx.com. This site tells you where to buy medications nearest to your home. The best part is that it also identifies the cheapest place near your home.
Not all pharmacies charge the same amount. One recent investigation reported in www.dailyfinance.com (AOL's financial site), found that CVS charged $133 more for the generic of Lipitor than Costco. Costco charged $17 for a month's supply, versus CVS charging $150.
One elderly friend of mine saved almost $140 the first time she used this tip.
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Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Retirement Millionaire Daily Research Team
October 4, 2016
P.S. In my Big Book of Retirement Secrets, I give dozens of tips on saving money from prescriptions to investing to cable and cell phone bills. I even tell you how to get great deals on certain items each month. To find out these tips and more, click here to get your copy.