Masters Series: How Drugs Used to Cure Are Actually Harming You, Part II
Editor's note: The next time you go to pick up a generic medication from your local pharmacy... think twice.
Generics are an affordable reality for most Americans. But as we saw in yesterday's essay, the drugs that are meant to cure you could dramatically compromise your health. They're not all bad... But it's important to know the possible dangers when taking a generic drug.
In today's edition of our weekend Masters Series, Doc notes a few questions you should ask your doctor before taking any generic drug.
He recommends you always keep a list of what you're taking and talk to your doctor if you have concerns.
And he suggests three simple ways to save money if you opt for the safety of brand-name medications... but are worried about the cost.
How Drugs Used to Cure Are Actually Harming You, Part II
By Dr. David Eifrig, Jr, editor, Retirement Millionaire
Don't get me wrong... not all generics are bad. But I believe in transparency and empowering consumers.
Before you start using a generic, ask your doctor or pharmacist some specific questions...
If you are on a blood thinner, ask about how often you should get your blood checked. Make sure to ask if you should get it rechecked when/if your prescription gets changed. The answer should be yes.
Do your research before you harm yourself. Remember... generic-drug makers CANNOT be sued if you have a reaction. They are required to copy the label verbatim from the original drug. Watchdog groups and online forums can help if you start feeling like the drug is causing problems.
Certain kinds of drugs require delicate and tight therapeutic dosing regimens. With things like mental illness, epilepsy, and blood thinning – ask your doctor about generics and which ones are the best substitutes for your name-brand drug.
Once you start the generic, make sure you monitor your symptoms. Any recurrence of symptoms could mean the generic isn't working. If that's the case, ask your doctor if you can switch to the brand name.
Also, keep a log of your medications. Every time you get a refill, make note of the name, brand, distributor, color, and medication dose. Give this journal to your doctor/spouse/kids – everyone. This is a simple way to keep track of your medications, and it can save your life if you're ever in the hospital.
If you want the brand name, some insurance companies will make you pay a higher co-pay or claim the drug is not approved and refuse to pay for any portion of it – making you cover the full cost.
If you're worried about the added cost, there are ways to save money on prescriptions.
An "authorized generic" is a generic-label version sold by the brand-label manufacturer. It's a lower-cost version of the exact same drug.
The same company makes it with the exact same ingredients. This allows the manufacturer to corner the market on the generic form of the drug, pushing out other potential generics. For consumers, it means getting the exact same drug as the brand-label drug... avoiding any variances that come with using the generics from a different manufacturer.
The FDA maintains a list of authorized generics. You can see it here.
Another way to save money... Take a double dosage of your medicine every other day. So instead of taking 5 mg a day, take 10 mg every other day. Since a 90-day supply of 10-mg pills costs the same as the 5 mg, you'd save 50% instantly on your drugs. Just check with your doctor to see if this could work, as some medications work best taken every day, regardless of the amount.
Another way to save is with coupons. Like other consumer-product providers, drug companies offer coupons. The coupons are distributed to doctors and pharmacists. Not all companies provide coupons. But feel free to call up your doctor or pharmacist and ask if any coupons are available for your prescriptions.
You can also find printable coupons online: www.GoodRx.com and www.RxPharmacyCoupons.com are good resources.
You can also buy your drugs in bulk. Buying a 90-day supply of your medications can save you up to 40%, versus buying your medication every month. The simplest way to do this is to ask your doctor to write out a prescription for a 90-day supply, with multiple refills as necessary.
At a Walgreens in Baltimore, we found that a 90-day supply of Lipitor costs $57.10 versus $24.70 for a 30-day supply. This could save nearly $20 per refill. Before you buy in bulk, check how soon the drug will expire.
Again, I'm not against all generics. But it is important to know the possible dangers when taking a generic drug. Always keep a list of what you're taking and talk to your doctor if you have concerns.
Here's to our health, wealth, and a great retirement,
Doc Eifrig
Editor's note: In his "Retirement Cheat Sheet for the U.S. Health Care System" special report, Doc tells subscribers about other cost-cutting tips for getting your prescription medicines cheap. His recommendations about health care are just part of how he shows readers to live a millionaire lifestyle on less money than you'd imagine possible.
Doc recently released a new research report on three cheap, clever, and critical items and small gadgets that can help you survive almost any natural or manmade crisis, no matter how long it lasts. For more details on this report – and to gain access to Doc's "Cheat Sheet" – click here.