7 ways to meet the costs of cold and flu season
Cold and flu season isn’t just physically painful — it can hurt your wallet, too.
The average consumer shops for over-the-counter medicine 26 times each year. That’s $338 per household, according to data collected by the Consumer Healthcare Products Association, a trade organization, in 2015, the most recent available. That year, Americans spent $328 billion on prescription retail drugs, or prescription drugs purchased in pharmacies, according to estimates from the Department of Health and Human Services.
Spending on prescription drugs and over-the-counter products increases during the winter months, according to Doug Hirsch, co-founder and co-CEO of GoodRx, a website and app that tracks the best prescription drug prices in the U.S.
“There are so many ways a consumer can save,” Hirsch said.
Here are a few tips.
1.
SHOP AROUND.
Since drug prices vary, comparison shopping is key. This includes buying generic versions of name brands, which most major chain stores offer at a cheaper price. “The quality is just as good,” Ken Majkowski, chief pharmacy officer of FamilyWize, a company that partners with pharmacies to find the best prescription prices. Buying online also is a good way to save.
2.
DISCOUNT PROGRAMS.
FamilyWize, GoodRx and WellRx offer free app-based discount programs. And individual stores such as Walgreens, CVS, Target, Rite Aid and Walmart are just some of the retailers that have their own programs. Some programs offer cash back. 3.
STACK COUPONS AND BUY IN ADVANCE. Manufacturers start releasing over-the-counter medicine coupons in late October, according to Caroline Carpenter, financial adviser and creator of the website mycouponexpert.com. Coupon inserts with additional savings can be found in newspapers. Also, go to store websites, such as Costco Pharmacy, to search for deals.
4.
USE COUPONS WISELY.
Maximize savings by buying the smallest size. If you don’t have a coupon, buy the middle size. 5.
TALK TO YOUR PHARMACIST. Ask your pharmacist if they have their own discount program. “Almost all pharmacies do this, but you have to ask,” Carpenter said. Some pharmacists will match competitors prices. Also, when purchasing prescription drugs, ask how much it would cost without insurance, as many insurance plans have deductibles. “Some prescriptions cost less than the co-pay,” Hirsch said.
6.
BUY LESS.
Purchasing medicine for individual ailments can be pricey. Instead, invest in fewer products. “Most products have multiple ingredients that do the same thing,” Majkowski said. 7.
COMMON SENSE PREVENTION. “The absolute cheapest thing you can buy is water,” Majkowski said. “Hydrate yourself.” Other things: wash your hands, change toothbrushes often and get the flu shot.