How to Save on Prescriptions

(MoneyWatch)  Concerned about the high cost of prescriptions? You're not alone.

According to a recent prescription-drug survey by Consumer Reports, nearly one third of patients said they skipped dosages, cut pills in half without the approval of their doctor, hadn't filled prescriptions or had taken other potentially dangerous actions in an effort to save money on their meds. And Walgreens execs just told the Wall Street Journal that some of its customers seem to be delaying filling prescriptions, too. Here are smarter ways to cut your family's drug costs:

• Ask for a generic. No-name medications are just as safe and effective as their branded counterparts, but cost a lot less. Most insurance companies charge a copayment of around $10 for generics. Shop at Wal-Mart and warehouse-club chain Sam's Club and you could pay just $4 apiece for 400 of the most common no-name pills. Target offers similar pricing for 300 generics.
• If there is no generic available, ask your doctor if you can take a medication on your insurer's "preferred drug list," branded medications that come with a slightly higher copayment than no-name drugs. (Bring that preferred list to your doctor appointments.) According to the Kaiser Family Foundation, a preferred drug typically carries a copayment of about $25. Nonpreferred drugs could cost $45 or more out-of-pocket.
• Use mail order. For chronic illnesses that require patients to take medications over an extended period of time, consider mailing away for a three-month supply through your insurer's pharmacy benefit manager. Total savings could equal 10 percent, according to Medco Health Solutions.
• Shop around for the best pharmacy prices. According to a Consumer Reports pharmacy survey, warehouse-club Costco had the lowest prices. The publication also recommends comparing prices at DestinationRx and looking for competitive prices at websites like AARP.org, CVS.com, Drugstore.com, Familymeds.com and Homemed.com.