205 ways to save money--it really does add up
If you take a 20-milligram dose, for example, you would save around 50 percent -- about $126 a month -- by getting 40-milligram pills and splitting them. The same percentage of savings is true of 5- and 10-milligram sizes, respectively, and 10- and 20-milligram sizes, respectively. If you would save significantly by splitting pills, ask your doctor whether your prescriptions can be split safely.
At many pharmacies, purchasing a 90-day supply will get you a discount. If this is true of your medications, nicely ask your doctor to write your prescriptions for larger quantities. Explain how it would save you money.
If you wait till you're down to the last pill to ask your pharmacy to refill the prescription, you're limited to brick-and-mortar pharmacies unless you pay extra for expedited shipping. The free shipping option offered by online pharmacies generally takes at least a couple of days.
When you're down to your last refill or the last month's worth of a prescription, it means your doctor will have to write a new prescription soon. This is a good time to compare prices on that medication because they fluctuate from time to time, especially at online pharmacies. If you decide to use a different pharmacy this time, inform the doctor's office before your physician writes the new script. To facilitate the pharmacy change, provide the new pharmacy's phone and fax numbers to the doctor's office.
Prescription drugs that you purchase for yourself, spouse or dependents are considered federal income tax deductions in certain cases, according to the. Your total deductible medical expenses must exceed 10 percent of your adjusted gross income, or 7.5 percent of your AGI if you or your spouse is 65 or older. The latter percentage is only available through December 2016.
What's your favorite way to save money on prescriptions? Let us know on. And share this story with family and friends who are looking for ways to cut medication costs. Like this article? and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash.