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Did you know that the annual cost for one brand-name prescription drug that’s used on a chronic basis is $6,800? AARP revealed this shocking finding in a year-end report, where they also explained that prescription drug costs continue to drive up overall health care costs.
If you’re one of many Americans who takes prescribed medication, it’s not all bad news for your wallet. In fact, there’s one simple way that you can potentially save a significant amount of money on your medications—switching to a generic version of your medication.
What are generic medications?
It’s a common misconception that generic medications are inferior to brand-name versions. The truth is that the Food and Drug Administration requires that all prescription medications meet the same standards.
Generic medications have the same active ingredients and chemical purity as the brand-name drugs they imitate. Other ingredients such as tablet fillers, binders, coatings or flavors may differ. Because their development costs are less, generic drugs are often priced substantially lower.
For example, 30 tablets of Zoloft®, a common prescription for treating depression and anxiety, is about $314. Thirty tablets of sertraline, the generic version of Zoloft®, is estimated to cost between $15-$30.
What can I do?
If you want to save money on your prescription drug costs, making the switch to generic medications can be an effective and simple way to do so.
Talk to your doctor today to find out if the medication you’re currently taking is a generic option. If it’s not, ask if you can be switched to a more affordable generic option instead of the brand-name version. It’s also good practice to ask your doctor about generic medications whenever you’re prescribed a new medication. For more information on generic medications, contact your doctor today.