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Here’s where people spend the most on prescription drugs

 

When it comes to the expenditure on pharmaceuticals across OECD countries, the United States spends much more than other industrialized nations that are part of the organization.

Infographic: Americans Spend Much More on Pharmaceuticals | Statista You will find more infographics at Statista

In 2019, the average American racks up costs of $1,376 for medications after adjusting for purchasing power parity, almost 2.5 times the OECD average of $571 and still 47 percent more than the next biggest spender, Germany. Canada and Japan followed in third and fourth place, both with spending that was around 40 percent higher than average, at $811 and $803, respectively. The OECD members with the least spending on pharmaceuticals and were Mexico and Costa Rica, while spending was also below average in many Eastern European and Scandinavia nations.

 

Related: Drug offenders get a major break from Biden

 

Prescription drugs made up the bulk of pharmaceutical spending in most countries. English-speaking nations on the list, including the United States, Canada, Australia and the UK, shared the characteristic of above-average spending on over-the-counter meds despite their overall expenditure levels diverging quite a bit.

 

Government and government-mandated insurance covered 55 percent of total pharmaceutical spending across OECD nations, with the share as high as 80 percent in Germany and France. That number was 70 percent in the United States. Across Scandinavia and Eastern Europe, out-of-pocket spending often hovered around 50 percent, hitting as much as 97 percent in Costa Rica.

 

This article originally appeared on Statista.com and was syndicated by MediaFeed.org.

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8 strategies to lower your prescription drug costs

 

If you’re charging prescriptions to a credit card or digging for change in your car and couch every month to scrounge up enough money to pay for prescriptions, you’re not alone.

 

Around seven percent of U.S. adults can’t pay for prescription drugs they need, according to a 2021 Gallup poll. That’s an estimated 18 million people who say they had to go without at least one prescribed medication in the last three months, according to the poll.

 

If you struggle to pay for your meds or even worse, go without necessary medications, here’s some good news. With a bit of research and a strategy for finding discounts, you can save on prescription drugs.

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Drug discount cards have been saving consumers money on prescriptions for decades. If your insurance doesn’t cover a prescribed drug or you’re saddled with a high copay, check the price on these drug discount sites to see how much you can save.

  • GoodRX
  • Blink Health
  • SingleCare
  • WellRX

Not up to the research? Ask your pharmacist if they have information on how much you can save with certain prescription discount cards.

 

Find out: 5 Strategies to Minimize Health Insurance and Medical Costs

 

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Just because you’ve filled your prescriptions at CVS for the last 10 years doesn’t mean that pharmacy is the only game in town. Check prices at other local pharmacies, including your grocery store. If you can save enough to make the switch worthwhile, dole out your prescriptions among more than one pharmacy.

 

 

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Ask your doctor if the prescribed medication has a generic version to save big bucks. “Generic drugs have exactly the same active ingredients and effects as brand-name drugs, but they can cost 30 percent to 80 percent less,” according to the Food & Drug Administration.

 

Related: These apps can cut your prescription drug costs by 75%

 

 

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Ordering a 90-day vs. a 30-day supply may save money on certain drugs. Check prices for both quantities before you fill a prescription. You’ll pay more upfront but the savings over three months may be worth it.

 

Related: Does buying in bulk save money?

 

 

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Check with local pharmacies for any discount programs they offer. For example, when you pay $20 (or $35 for a family plan) to join Walgreens’ Prescription Savings Club, you can get discounts on more than 8,000 medications. Plus, you can fill 90-day prescriptions on select generic drugs for the price you’d pay for two 30-day prescriptions.

 

Bonus: Walgreens’ program also provides discounts on prescriptions for your pets.

 

Find out: 9 Things You’re Probably Paying Too Much for at the Drugstore

 

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Save money by comparing prices at online pharmacies that deliver prescription drugs right to your doorstep. You may save a lot by ordering online.

Plus, you’ll save on gas and time by not having to drive to the pharmacy and wait in line.

 

 

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Many drug manufacturers offer patient assistance programs if you meet income eligibility requirements. Contact the manufacturer for that pricey drug to find out if you’re eligible for deep discounts on a medication. To get an idea of how patient assistance programs work, visit RxAssist, which lists a comprehensive directory of patient assistance programs.

 

 

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It is important to choose your health insurance wisely.  Brokers are trained professionals that can assist you in finding the best plans for your unique needs.  If possible, find a broker that is familiar with plans in your area and that is certified to sell ACA plans.

 

“The least expensive plan is not always the best or the most cost-effective option.  Sometimes, a silver or gold plan may cost you less due to lower copays on brand name prescriptions. For those on Medicare, always have a broker review your part D (drug) coverage annually.  Even if your monthly premium is not set to increase, there is no way to know that your prescriptions are still covered the same way for the next year unless you do an analysis of this plan,” says Analisa Cleland, an insurance and financial advisor at Coto Insurance.

 

If you are on a Medicare Advantage plan, have a certified broker review your coverage annually to ensure that your plan is still a good fit for your individual needs.

 

Related: 

 

This article originally appeared on Debt.com and was syndicated by MediaFeed.org.

 

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