Steve's note: Today's essay is the latest in a series from my friend Dr. David Eifrig. David has found an amazing collection of secrets for living a better retirement that you won't find anywhere else. For his unique ideas on prescription-drug discounts, read on...
Save 97% on Prescription Drugs
By Dr. David Eifrig, MD
February 7, 2009
Since I began studying medicine 12 years ago, I've seen insurance companies cheat policyholders... I've seen doctors prescribe worthless drugs and tests... and I've seen older folks die because of incompetent medical treatment.
Does any of this scare you? It frightens me.
That's why I started writing and sharing what I know. I want my Retirement Millionaire readers to know what the insiders aren't telling them... and how to protect themselves.
Today, I'm going to show you four ways to spend much less on your prescriptions. Most Americans don't realize you can get the best health care in the world, very cheap... many times for free.
Not only will these secrets save you money, they’ll also allow you to stop relying on drugmakers, insurance companies, and self-important physicians to act in your benefit. I believe you can take control of your own health. Let's get started...
Strategy No. 1: Until recently, insurance companies and the Medicare system determined the prices you paid for drugs of all kinds. Now, you can set the prices you pay just by talking with your doctor.
You see, to protect their profits, drug companies often develop "new" (patent-protected) versions of an old drug. Frequently, these newer version aren't any better than the old stuff, they just cost a lot more money.
For example, doctors prescribe drugs known as statins for heart disease. The No. 1 selling statin is Lipitor, which can cost as much as $150 a month. The original statin, Mevacor, went off patent in 2001. If you get the generic version of Mevacor, you might pay only $4 per month for it. That's a 97% discount!
Wal-Mart and Walgreens now provide hundreds of drugs (many generics) for only $4 per month... or $3.33 per month if you buy a 90-day supply. So ask your doctor if your brand-name drugs are really better for you than older, cheaper versions.
Strategy No. 2: If you can't cut costs with generics, try buying foreign. Until Wal-Mart and Walgreens launched their dirt-cheap plans, many smart Americans were buying from companies outside the U.S. In fact, Canada is a great place to buy brand-name drugs.
Don't worry, buying prescription drugs from Canada via the mail is perfectly legal. But be sure to deal with a reputable company. And shop around: Prices can vary drastically. For example, prices on a 90-day supply of Lipitor ranged from $173 in Canada to $442 in the U.S.
Three well-known and respected Canadian mail-order pharmacies are: TCDS.com (888-372-2252), Canadameds.com (877-542-3330), and CanadaPharmacy.com (800-891-0844). If you're able to plan ahead, mail-order services can save a bundle.
Strategy No. 3: The best-kept secret of the drug business is that you can get almost any prescription drug in the world, free. Don't expect to hear this secret from your pharmacist... or even your doctor. But these programs are already being used by thousands of in-the-know Americans across the country.
The first step is to go to the Partnership for Prescription Assistance website (www.pparx.org) and click on the button for patients. Then enter the drugs you take and fill out a simple form. The website will tell you which drugs are eligible for financial assistance and from what company.
If you already know who makes your drug, go directly to that drug company and see if you qualify. The best way is to call the company directly and ask for the "patient-assistance program."
Keep in mind: These programs are for low-income folks who struggle to afford their medications. Each company has different criteria for giving free medications. Not everyone qualifies, but I've heard of some people qualifying even with annual income of $50,000 a year. To apply, you'll have to verify your income and medical expenses.
Strategy No. 4: Want to know the nearest place to buy the cheapest medications? Visit www.drx.com. This site also compares prices to the cheapest mail-order offers.
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A friend of mine saved almost $140 the first time she used the site. This tip alone could easily save you more than the cost of a subscription to Retirement Millionaire!
To a healthy and wealthy retirement,
Dr. David Eifrig
P.S. Slashing your health care costs is just the beginning. I can show you how to take advantage of free-money government giveaways... free vacations... huge discounts on airline tickets... half-off hotels... and little-known investments that can safely double your money, with almost zero risk.
The full list of my favorite Retirement Millionaire opportunities right now is detailed here.
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