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In this episode, Sandy Kibling discusses the high costs of prescription medications and offers insights into why they are so unaffordable. She explains the role of drug manufacturers, insurance companies, and the complexities of formularies and tiers.
Sandy provides practical strategies for reducing prescription costs, including exploring generics, alternative medications, and patient assistance programs. She also highlights the benefits of using Canadian pharmacies and online options for obtaining medications at lower prices.
Takeaways
- Prescription medications are often unaffordable due to manufacturer control over pricing.
- Patents can prevent the availability of cheaper generic options for many years.
- Insurance plans can vary significantly in how they cover medications, leading to different costs for the same drug.
- Understanding drug tiers and formularies is crucial for managing medication expenses.
- Deductibles for prescriptions may be separate from medical deductibles, impacting out-of-pocket costs.
- Asking about generic versions and preferred alternatives can lead to significant savings.
- Discount cards and apps like GoodRx can help reduce medication costs, but may not count towards deductibles.
- Canadian pharmacies can offer substantial savings on medications, but caution is advised when choosing a provider.
- Regularly reviewing healthcare plans is essential to ensure coverage for necessary medications.
Sound Bites
- “Patents can last for 20 plus years.”
- “Always ask if there's a generic version.”
- “Check out the show notes for resources.”
Chapters
03:01
Understanding the High Costs of Medications
12:11
Navigating Insurance and Formularies
14:04
Strategies for Reducing Prescription Costs
22:24
Exploring Alternative Options for Medications
28:37
Special Considerations for Medicare Recipients
31:01
Using Canadian Pharmacies and Online Options
Resources:
GoodRx
SingleCare
Optum Perks
Mark Cuban Cost Plus Drugs
Episode 111: Getting Safe Prescription Medications Across the Border
Support the show
Sandy is a health care professional having served in numerous roles including physician consulting and working for a large healthcare insurance company. She has worked on the frontline addressing physician and subscriber issues and has heard first-hand the frustration and concern about affordability and navigating a complicated healthcare system.
Sandy’s passion is to create a trusted source with Get Savvy…Demystifying Healthcare a podcast that breaks down the complexity of healthcare and empowers consumers to navigate the healthcare system.
