Fabulous Financials

photo credit: Jaye_Elle

For the past three years, May has become annual exam month for my entire family. I visit my OB-GYN, BabyGirl visits our PCP (as of this year, also the OB-GYN), and Precious has her wellness visit/annual vaccines at the Vet. Needless to say, medical expenses in May exceed any other month of the year. So far, I’ve spent $356 in medical expenses, which include co-pays, Rx, and OTCs. Now that the month is over, I want to share how I saved money on Rx.

Information Gathering: When I stopped by the pharmacy to pick up two Rx - one for myself and one for BG - the cashier said my total was $100. What?!?! Wait a minute. I already pay $91 for premiums every pay period and $30 for each specialist visit. I could not understand why I had to pay so much for an Rx, which is usually $7-$20 each.

I asked the pharmacist if there were any generics available and she said no. Now what the heck kind of special medication is this with no generic version? Then I asked for the name of the meds so I could go home and look them up online. When I logged into my insurance provider’s website, I searched for the Rx name, its purpose, side effects, alternatives, etc. After about 10 minutes, I found exactly what I was looking for…and a bonus…the primary active ingredients. Armed with information and a better understanding, I made a few phone calls.

First up, I called my insurance company. I wanted to know WHY my out of pocket costs (OOPC) were $50 for each Rx. I was told because the meds were “non-formulary” which is just another word to mean “not on the HMO preferred list so you’re on your own sucka!” Yea…ok.

First Rx: Then I called my doctor’s office to explain the situation. I asked the nurse if there was a reason the doctor prescribed THAT specific med. I explained that my insurance company had a “preferred med list” and there was another med with the same % of the primary active ingredient. I also asked if she could call in an alternative Rx, which would make my out of pocket costs $10 vs. $50. We discussed the purpose of the original med and why my doctor preferred that specific brand. I don’t have a medical degree, so I was not about to press the issue, but that didn’t mean I had to like it. After hearing the hesitation in my voice, the nurse asked:

Nurse: How close are you to the office?

Single Ma: I’m at home right now. About 15 minutes away without traffic. Why?

Nurse: We might have a sample here in the office. Let me check.

Single Ma: [on hold]

Nurse: Yes, we have a sample. Will that solve the problem for you?

Single Ma: Of course.

Nurse: We close at 2pm today. Stop by to pick it up when you can.

Single Ma: Great, thanks!

OOPC: $50 –> $0

Second Rx: I called BG’s doctor and had a similar conversation. They didn’t offer a sample, but they agreed that one of the alternatives would work just fine - reducing my out of pocket costs from $50 to $10. The nurse called in the alternative Rx and I was all set.

While waiting for the prescription to be filled, I browsed on my insurance provider’s website. I discovered that a 30 day supply would cost $10 but a 90 day supply would cost $20. Hmm…another $10 savings. So I called the pharmacy to make sure they received the alternative Rx and asked if they could fill a 90 day supply. I was told the doctor would have to authorize it because some meds have to be restricted. Otherwise, they could only dispense a 30 day supply.

You know what I did right? I called BG’s doctor back! LOL I asked them to call the pharmacy again and specify a 90 supply with 3 refills vs. a 30 day supply with 11 refills. She said no problem, and within minutes, it was done. Great!

OOPC: $150 for 90 day supply ($50/30 days) –> $20 for 90 day supply

This experience taught me a very important lesson. In order to save money on Rx, I should:

1. Understand the Rx
2. Understand the details of my insurance coverage
3. Ask for FREE samples first
4. If #3 is N/A, ask for the generic alternative
5. Never be afraid to ask the doctor to explain their med choices

One of my girlfriends thought I was out of my mind to question WHY my doctor prescribed a certain med, then had the nerve to ask for an alternative. LOL I told her these doctors are “practicing” but I’m not a guinea pig. Besides, this is MY body, MY money, and ultimately MY decision - so I have a right to know, ask questions, and understand. And you do too!

At the end of the day, we received the appropriate meds and saved $180.

Earlier this week, I discussed tire basics (Part I) and explained the meaning of all those funky numbers: P205/60R16 91V. Then I went shopping for tires (Part II) and explained everything hidden in the price. Now I’ll share how I bought the tires I wanted at a significant discount with a few freebies thrown in for good measure.

ASK FOR WHAT YOU WANT

Continued from Part II… Read more »

After completing the research in Part I, I went on a hunt for a set of P205/60R16 tires with a load index of 91 and a speed rating of “H”, the lowest handling specs recommended by Honda. Due to a recent flat and multiple snow/ice storms in the DC area, I needed new tires sooner rather than later, so I didn’t have time to research and compare prices.

SHOPPING FOR TIRES

Relying on a friend’s recommendation, I chose a tire store and decided to see what they had to offer. Fortunately for me, I was greeted by a very friendly associate. Unfortunately for him, he had to deal with an inquisitive customer like me. LOL With or without a recommendation, in usual Single Ma fashion, I had to ask 1,001 questions. Partly to see if he knew what he was talking about, partly to see if I could trust him, and partly to see if I could hustle him on the price. So I transformed into damsel in distress mode and began with the basic questions. Read more »

Since my car buying experience was received well on the blog, I thought it would be cool to share my tire buying experience as well. Y’all know I’m always researching and I love to share everything I learn, so it’s pretty long. But to keep from boring you to death, I’ll break it up into a series of post and try to make it entertaining. I hope you enjoy it because I have a lot to share and I want you all to make educated decisions with your next tire purchase.

Wanna hear it? Here it goes!

I bought my car - a 2004 Honda Accord - brand new in November 2003, so I’ve never purchased tires for this car before. With nearly 60,000 miles, it was about time for them anyway. As I’ve hinted several times on this blog, I’ve been thinking about buying new tires for the past month or so and I finally purchased a set this past weekend. Ed Note: Disregard the price mentioned because so much has changed since Saturday. My name wouldn’t be Single Ma if it hadn’t. Read more »

When I mentioned that I wasn’t going to write about debt reduction anymore, some of you wondered why and requested that I continue to share my experience.

From the very beginning, I’ve openly discussed every minute detail of my debt demons. Remember back in June 2006 when I first confessed that I was $25,000 in debt? Man, that was eye opening! Then I asked for your advice about whether to save or not to save while paying off debt. I was torn between the two. But when I finally made the decision to get serious and hold myself accountable, I found my stride and shared what I considered the key to paying off debt.

Ya girl was so pumped, I offered an interactive debt payoff incentive for those who wanted to join me. Throughout the process, I shared how I took control of my student loan debt and provided regular status updates on other debt balances. When my first debt was paid off, I gained momentum and became even more dedicated to my debt reduction plan. Yea buddy, it was on and poppin! I continued to share detailed updates ad nauseum, as well as my thoughts on how you too can take your life back.

My debt reduction journey ended on 10 Nov 07 with an official notice of closure on 10 Dec 07. Seeing that final letter was refreshing, liberating, and motivating! It was a reminder that I can do ANYTHING I set my mind to. Paying off $25,000 worth of debt in 1.5 years is only the beginning of my financial plan. I have a long way to go, baby! So I apologize to any readers who come here specifically for debt topics, but since I’ve already written 33 posts on my debt reduction experience, it’s time for me to continue my journey to financial freedom.

~*~*~*~*~*~
Work to achieve, not to acquire.
And as always, BE FABULOUS!