DENVER (KDVR) — The next time you head to the pharmacy, expect to pay more for your prescription drugs.
According to researchers, January and July are the two months when we typically see an increase in the price of medications.
According to GoodRX, so far this month, the prices of more than 650 prescription drugs have gone up — similar to what we saw in January 2021.
This includes both brand name and generic drugs.
In terms of how much more we should expect to pay this year, GoodRX says anywhere from about 5% to 10% compared to last year’s prices.
To help cut down on costs, experts suggest signing up for home delivery.
Oftentimes, mail-order medications are less expensive, especially since they usually contain a 90-day bulk supply.
If you haven’t done this already, ask your doctor to see if there’s a generic form of the medication you’re being prescribed.
“Another thing you can do is create a Health Savings Account. That can be tax free at the very beginning and can end up saving you a lot of money. And if you go to the same pharmacy a lot, ask about a rewards program. That can definitely add up in, and in some cases definitely save you money in other areas as well,” explained Nick VinZant, an analyst at Quote Wizard.
If you’re curious to see whether any of your medications are experiencing a price increase, click here to access a search tool.