By Chantal Marr, LSM Insurance
Special to the Financial Independence Hub
In Canada, we enjoy a universal health-care system that provides us with emergency medical treatment, regular health check-ups and hospital care.
Unfortunately, this publicly funded system doesn’t cover all of our prescription medications. This means that aside from meds given to you while you are in the hospital, the majority of Canadians have to pay for their prescription drugs themselves – either through an insurance plan or out of pocket.
Prices for prescription drugs in Canada are also among the highest in the developed world. This is due to a complex web of negotiations that undermine our collective buying power.
This results in many Canadians being unable to afford doctor-prescribed medications. Polls indicate that as many as one in five people can’t buy the medication they need. But not taking the prescribed drugs could lead to catastrophic consequences to their health.
For people who need several prescriptions per month, even saving a few dollars on each one could really add up over the coarse of a year. Here are some ways to save money on prescription medicationL
Ask your doctor if you really need to take the medication
You should never stop taking prescribed drugs without speaking to your doctor first. Not taking the prescribed amount or stopping altogether could seriously effect your health or interfere with the progress of the condition your doctor is treating. However, it never hurts to ask if you really need the medication.