The Surprising Thing You Should Always Comparison Shop For

We all know that we should comparison shop for things like flights, cars, and even baby diapers. But there is one thing that we should ALWAYS comparison shop for…even though most people never do.

Prescription medications.

Prescription Drugs Are Expensive

Drug prices rose an average of nearly ten percent over the 12-month period ending in May 2016 – a time when the overall inflation rate was just one percent in the U.S.

A report from data firm IMS Health estimates patients, insurers, government programs, and other payers spent a combined $309.5 billion in 2015 on prescriptions. The IMS Institute for Healthcare Informatics predicts spending will reach $370 billion to $400 billion in 2020.

There is a misconception among many consumers that drug prices “are what they are” and there is little consumers can do to combat them. That isn’t necessarily true. From comparing prices at different pharmacies to using a free prescription savings card program, there are definitely effective ways to lower your family’s prescription drug costs.

How to Comparison Shop for Prescription Drugs

It used to be that comparison shopping for prescription medications required a lot of leg work – identifying local pharmacies and then making multiple phone calls to inquire about the prices of the drugs you need. The FamilyWize website takes away all of that hassle.

Earlier this year, FamilyWize launched its Medicine Cabinet, which allows you to store all of your family’s prescription information in one secure location, so that you can use that data to comparison shop for the lowest available prices. You can use this feature in conjunction with our medication discount card. Here’s how the FamilyWize Medicine Cabinet works:

• Create a personal profile to save and track your family’s prescription drug price searches.

• Search and compare prescription drug prices within a designated zip code.

• Bundle prescriptions by pharmacy to see total cumulative costs prior to visiting the pharmacy.

• Compare pricing between generic and name brand prescriptions.

• Toggle search results between pharmacy locations and drug cost breakdowns to make informed decisions for your family.

• Instantly download the FamilyWize card or app.

Want to give it a try? Visit FamilyWize.org and start a new search or create your own account. Have questions about how to use the Medicine Cabinet or thoughts on how we can improve it? Please email us at support@familywize.org. We love to hear from you!

Sources:

• Chicago Tribune – Report: Americans spent 8.5 percent more on prescription drugs in 2015

• Money – Why Are Prescription Drug Prices so Expensive in the U.S.?

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