My tag line is…Working to Preserve Your Wealth… and one of the ways to preserve wealth/money is to save on the ever-escalating costs of prescription medications.
That is why an article from our friends at the Squared Away blog was so interesting…”How Retirees Can Negotiate Drug Prices” (October 18, 2018) by Kim Blanton.
We know that prescription medications can take a bite out of income, but according to Squared Away – “One in four prescription co-payments are overcharges.”
The author of the article, Kim Blanton*, interviewed a pharmacist for more ‘hints’ about negotiating cash pricing for a prescription.
One big hint – “…elderly patients should work with a pharmacist to see if they can get a better deal.”
It may be as simple as asking “What can I do to get the best price? Or..to ask for comparisons – using your insurance vs. paying cash (without insurance). These price comparisons are possible. Also, remember that different pharmacies can have different pricing for the same drug.
If you are interested in reading the entire article – you can access the blog/article on squaredawayblog.bc.edu “Why Your Retirement Spending Estimate Is Wrong”
Another good article, written in 2015 but still relevant, is: “The 'X Factor' that could derail your plans” by Richard Eisenberg, Money & Work Editor (December 8, 2015) at nextavenue.org
The article deals with issues of escalating costs of staying healthy, and Eisenberg wrote: “After reading several recent studies plus Medicare forecasts, I’m convinced there’s a good chance you’ll need to count on spending more out-of-pocket for health care in retirement than you expect.”
* Squared Away writer Kim Blanton invites you to follow on Twitter @SquaredAwayBC.
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