Americans spend more on drugs than people in any other country. The amount of out of pocket is projected to rise to $67 billion in 2025, from about $25 billion in 2000. Now, two new bills banning drug gag clauses can help reduce the cost. And all you have to do is ask.
A March 2018 study found that for about 1 out of 5 prescriptions, insurers required people to pay more using their insurance than if they paid the pharmacy’s retail price. One reason this happened: Gag clauses. The clauses prevented pharmacists from telling you there may be a lower price by not using your insurance.
But not anymore. Gag clauses were something consumer reports surfaced years ago and worked with a bunch of state legislators to help pass state-by-state laws to help curtail this practice. And then, this past October, two bills were passed in Congress that put an end to this practice once and for all on a national level, which is a terrific win for consumers.
The number one thing to do is ask: “Is this the lowest possible price on my medication?”
There are some other ways to be money smart with medicine says the Consumer Reports Health Editor:
1. Make sure you really need that medication.
2. Make sure you’re taking a generic. Generics are a good option for most people and will save you boatloads of money.
3. Get a 3-month or 90-day prescription and you can save at least one copay or maybe even two.