Oct 22, 2008 8:15 pm US/Eastern
Getting Your Money's Worth For Prescription Drugs
(CBS4)
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Prescription medicines, graphic element on black
AP
The stock market continued a downward spiral on Wednesday, losing another 500 points. The downturn can be felt in many areas, including prescription drug prices. According to the Kaiser Family Foundation, which tracks medical and health issues, 54 percent of Americans say they take prescription medication and many have trouble affording them.
But some are bucking the trend and actually saving money on their medication.
"Well, at first I was just going to the pharmacy and getting, and it was costing me a fortune," said Chef Solomon Shenker. He's a diabetic and has medical insurance, but the costs of his medications were leaving him with barely enough money to make ends meet.
So, Solomon decided to hit the Internet and look for some help. He found a wholesale medical supply company that he said has saved him thousands of dollars over the past two years. "If I was paying, for instance, 300 dollars for the medicine, then it was 180 dollars," Shenker said.
Chris Magurie, co-founder of American Diabetes Wholesale in Pompano Beach, said they're able to save customers up to 40 percent on medical supplies. "Obviously, it's a big saving, and in this economic crunch, we want to make sure people are getting supplies they need to maintain their health," Magurie said.
In addition to using wholesalers to cut medical costs, you can find prescription assistance programs at local pharmacies, wholesale clubs, the internet, and even through the drug manufacturers.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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