In today’s economy we are all looking for ways to cut down on our living expenses. Yet when clients are asked what they are doing to cut down on prescription drug costs, they are surprised to learn there are choices. 

One of the easiest and most important ways to save is to ask your physician or pharmacist if there is a good generic alternative available, or a less costly brand name that will work for you.

This simple question may just save you a lot of money.

Here are a few Frequently Asked Questions about generics that may help when talking with your doctor.

What are generics?
A generic drug is one that is produced and distributed without patent protection and in most cases is the same as a brand name prescription drug. Popular drugs like Fosamax and Advair are two drugs that recently became available in generic form.

Are they safe? 
Generic drugs are safe and must be manufactured according to the same federal standards as their brand name counterparts.  You may choose to consult your physician regarding the use of a generic drug instead of the brand name originally prescribed.

Why aren’t there generic equivalents for all prescription drugs?
Once a patent expires, a manufacturer can produce the generic equivalent, but only then. Approximately half of the brand name prescription drugs marketed today can be purchased in generic form.

Are there other ways to save on prescription drug costs?
One way is to NOT use your health insurance card when purchasing your prescription drugs and instead take advantage of savings programs offered by some retailers. Wal-Mart, for example, offers hundreds of generic prescriptions and thousands of over-the-counter medications for as low as $4 for a 30-day supply and $10 for a 90-day supply. Other major RX carriers like CVS and Walgreen’s have prescription savings clubs that may be of value. Don’t be afraid to ask your pharmacist where you can find the best savings. Publix offers customers at least eight antibiotics for free, for a 14-day supply.

In my parent’s day, patients would never have thought to question a doctor’s prognosis or the drug being prescribed. Today it is more important than ever to stay informed and know how far your medical dollars can go.