4 key expenses NOT to cut |
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"You do see people skipping doses," says Sophia De Monte, a pharmacist with Costco in Melville, N.Y. "Instead of taking a medication every day, people might take it every other day just to make it last a little bit longer. With high blood pressure or high cholesterol, you don't feel the changes in your body."
It's true that your potential savings is one-half the cost of the medication, but it could cost you down the line.
Worst case scenario: a life-changing or life-ending heart attack or stroke.
"You're putting your health at risk," De Monte warns.
4. Your medicine cabinet: Cuts that count
That being said, you can save on prescription and over-the-counter medication by thinking about your medications before you go the pharmacy. Start at home. Your health insurance company likely releases a list of medications and how much your co-pay will be. Bring that guide to your doctor to refer to when writing a prescription, De Monte recommends. "There may be a similar medication you can tolerate at a lower co-pay," she says.
Continue saving in your physician's office. Ask for samples, a voucher or coupon.
"It's perfectly OK to ask for samples, especially if it's a new medication," De Monte says. "Some doctors can give you a seven-day, 14-day or a one-month supply as a trial. That would offset the cost and let you know if it works or not."
Ask about a generic version of your medication and check to see if the prescription drug is available now over-the-counter. "Some antihistamines and antacids are much cheaper purchased over-the-counter," she says.
Before you get the prescription filled, shop around. "Call ahead and get a price quote, especially on a new medication," De Monte says. "Mail order can work, too, if you've tried the medication and know you're going to be on it for the long term. The savings can be enormous. You might get a three-month supply at a one-month co-pay, compared to a retail pharmacy."
Chop chop (maybe)
Even though you shouldn't halve the dosage of your medications, sometimes you can get a prescription at double the dose, but not double the price, and cut the pills in half. Keep in mind, however, that pills that are coated or time-release should not be cut, De Monte says.
5. Car insurance: Cuts that cost you
Remove a family member from your car insurance and sure, your premium will go down. How much you'll save depends on the carrier. But even though many policies do cover a friend or neighbor who drives the car in a pinch, family members who drive should be named on the policy. The savings aren't significant anyway, says Kate Hollcraft, spokeswoman for Allstate Insurance Co.
Worst case scenario: You may not be covered in case of an accident. Also, your insurance company may drop you.
"Failure to list someone who is a regular driver could result in a loss of coverage because you were not honest in your dealings with us," Hollcraft says.
If you have a minor fender bender with no injuries, you may decide to leave your insurance agent in the dark to avoid an increase in insurance premiums. But that other driver who first says he's OK could come back later and claim to be hurt. "You never know when someone might sue you," Hollcraft says. "You want to make sure you've told your insurance company about an accident."
6. Car insurance: Cuts that count
If you have towing coverage through a motor club and on your car insurance, nix the towing through your insurance carrier, Hollcraft says. If your old clunker isn't worth much, consider dropping the collision coverage, she adds. Your savings will vary depending on your carrier.
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