Massachusetts attorney Thomas M. Kiley concentrates on health care issues and product liability cases. Recent reports indicate that the recession is causing people to skimp on prescription drugs which might affect their health in the long term.
According to an article in the NY Times, people are looking for ways to spend less on prescription drugs to make their dollars go further. The average brand-name prescription cost $120 in 2007, according to the most recent data from the Kaiser Family Foundation. That was an increase of $111 from the previous year. The average generic in 2007 was a mere $34, according to Kaiser. Patients can buy many generic drugs for as little as $4 for a 30-day supply at WalMart or Target, and many other retailers are offering discounts.
However, generic drugs aren’t the answer in every case and switching needs to be approved by the doctor. One strategy is to take advantage of the health insurance prescription drug plan. Typically they offer coverage at three levels, or tiers. Patients may have a co-payment of just $10 or so for a generic drug, $25 for a preferred drug (meaning the insurer has negotiated a preferred rate with the drug company), and as much as $75 for a nonpreferred drug.
