Prescription drugs have long been the fastest growing cost component of our healthcare system, which likely means they have also been a fast-growing component of a family or individual’s personal budget. With a few consumer-friendly developments in recent years, patients are in a better position to take control of their prescription drug expenses, even if they have recurring or chronic conditions which require long-term drug therapy.

Using generics instead of brand name drugs has long been an option for many, but with steadily increasing prices of insurance premiums and medical care, finding ways to shave money off of prescription costs is becoming more important as people review their budget situations. The typical generic costs anywhere from 25% to 60% of its brand name equivalent, and with the trend for discounted generics at large chains, such as the $4 drug program offered by Target, Costco, Walmart, and others, most consumers have realistic options to save money on pharmaceuticals by researching the generic market. While the ability to substitute generics for brand name drugs once a prescription exists varies from state-to-state - pharmacists have more latitude in some states than in others to determine how they fill a prescription - the best thing to do is talk with a doctor about the possible prescription options. Most physicians are well aware of the common generic substitutes, and for the less common ones can easily find if there are generic options through online or reference tools. To take advantage of the hundreds of prescription drugs offered for discounted prices by major chains, make these three steps habit when evaluating and purchasing prescriptions:

1. Talk to your doctor about low-cost alternatives. Many physicians assume that their patients want the lowest-cost alternative medications, but some do not. Make sure that it is clear to your physician that cost is a factor in your ability to be compliant with his or her medical orders. Knowing that you are interested in less-expensive drug therapy will help them think in a more cost-conscious manner on your behalf.
2. Research prescription options. In cases where you or a family member takes medication for a chronic condition, or has recently been given a prescription for a brand-name drug, doing some digging can ensure that the best drug option is being used. The official Food and Drug Administration (FDA) prescription drug crosswalk is called the Orange Book, and lists all approved generic alternatives for any brand name drug.
3. Find discounted generic prescription drug offerings. Most major pharmacy and many grocery chains are offering a consumer-friendly discount generic drug list, often selling common generic medications for $4 per month. As generics often save you significantly off of brand-name drug prices, this can be an area of significant medical cost savings for individuals who regularly take medications. The great news is that 2008 and 2009 have been banner years for patent expirations on drugs, making more medications available in generic form than ever before. Other vendors fill prescriptions directly online for pricing that may be comparable to some local pharmacies, and may be worth considering as well.

By being a savvy prescription drug shopper, you may be able to save 50% or more from your family’s monthly prescription drug bill. For those with routine sickness or chronic conditions, that kind of savings month-after-month can add up and is worth making a personal financial planning and budgeting priority.

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