Using Health Insurance May Not be Cheapest for Prescription Drugs

It never ceases to amaze me the ridiculous rules and laws that make us spend more money than necessary and prescription drugs are at the top of the list.
Apparently pharmacists (through contracts) adhere to a gag order in which they are not permitted to disclose to a patient that a prescription might be cheaper to purchase without using insurance. This is in place to pay benefits managers  (clawbacks) who negotiate co-pay amounts. But the pharmacist can divulge this information if you ask.
Here's an example of how it works according to Bloomberg.com:
Insurance co-pay $15.00
Pharmacist receives $5.17 plus $2.05 for the cost of the drug
Pharmacy Benefits Manager receives $7.78

Without having to pay the benefits manager (included in the co-pay), the drug would be cheaper.

There are also available prescription drug cards that profess to offer prescriptions at a discount rate. These may not always be cheaper either.

Next time you go to have a prescription filled ask the pharmacist if you can purchase it for less by paying in cash without using insurance. Don't assume it will be cheaper by paying a co-pay.

Coupons for Prescription Drugs

Ask your doctor for either samples or coupons for the drugs he/she is prescribing or check on sites below:
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Internetdrugcoupons

Prescription Drug App

Prescription Drugs

I watched a PBS report on prescription drugs last night. Many of us have been under the assumption that a prescription would be filled for the same price wherever you go, but the results of the report were staggering. Some prices range from $12 to $400 for the same drug. You can read the full article here.

The wide range in costs seem to occur when a drug changes tiers and move into Tier 1 which usually consists of generic drugs.

One of the lower priced pharmacies is Costco and you don't have to be a Costco member to use the Costco pharmacy

One pharmacist interviewed said even though he owns a small pharmacy that is not part of a chain, he only charges a few dollars over the wholesale price. He feels charging hundreds of dollars for a product that costs only a few dollars wholesale is morally wrong.

Consumer Reports has some interesting articles about the varying costs of prescription drugs and purchasing generic drugs. You can read one of them here.

There are some web sites where you can compare online. Good Rx is one of them. Consumer reports also has a page where you can compare drugs or look up a specific drug

So, especially if you use a drug regularly, shop around.

Note: If you can prove a drug is less expensive elsewhere, stores such as Target will price match the lower price.