Up, up and away! That line from the 1960s pop hit of the same name performed by The 5th Dimension also applies to prescription drug prices in the U.S.
In the past 12 months, 1 in 4 Americans who regularly take prescription drugs experienced a hike in their costs, according to a recent Consumer Reports survey. Lisa Gill, deputy editor of Consumer Reports’ prescription drug program — Best Buy Drugs — says in a statement:
“Consumers are seeing significant out-of-pocket cost increases across the board — from generics to treat common conditions to newer drug therapies.”
Drug price increases have forced a whopping 14 percent of consumers to leave their pill bottles empty, according to Consumer Reports.
How to lower prescription drug costs
But before you allow drug price sticker shock to scare you away from the pharmacy, make sure that you’re getting the best possible deal on your meds.
Trying a generic drug or sometimes even an over-the-counter option can potentially save you money. In “10 Ways to Get Your Medications for Less,” Money Talks News contributor Karla Bowsher also recommends comparison shopping for drug prices online.
Prices on the internet are often lower than those of brick-and-mortar pharmacies. Reputable online pharmacies like HealthWarehouse.com also offer free shipping.
Bowsher also recommends saving your receipts for prescription drugs.
Prescription drugs that you purchase for yourself, spouse or dependents are considered federal income tax deductions in certain cases, according to the IRS website.
Your total deductible medical expenses must exceed 10 percent of your adjusted gross income.
For more information on saving on prescription drugs, check out:
- “Prescription Drugs From Overseas Can Save You Hundreds, but Are They Safe?“
- “6 Steps to Help Keep a Lid on Your Prescription Drug Costs“
Have you experienced an increase in the cost of your prescriptions during the past 12 months? Sound off below or on Facebook.
How to find cheaper car insurance in minutes
Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.