10 Smart Ways to Survive Rising Healthcare Costs

Ask for Generic Prescriptions

According to the Federal Drug Administration, when patents or other periods of exclusivity expire, manufacturers can apply to the FDA to sell generic versions, which have the same active ingredients as their name-brand counterparts. Generic drugs saved the U.S. healthcare system $1.67 trillion from 2007 to 2016, according to a report from IQVIA, formerly Quintiles IMS Holdings Inc., on behalf of the Association for Accessible Medicines.

“Discuss possible generic options with your physician before starting a new medication,” said Jared Heathman, a psychiatrist with Your Family Psychiatrist. Knowing what generic options are available to you can help you save money.

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