Medication Savings

medication savings
medication savings
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Champion of the Underdog » Savings Tips » Medication Savings

Medication Savings Crucial

Medication savings can be crucial to a budget. Medications can be vital to health and well-being, so they are not optional. However, minimising your spending, may allow you to keep your head above water. This makes minimising medication spending one of our key savings tips.

Brand v Generic

In some jurisdictions saving on medication may be as simple as choosing a generic medication over a brand name. You should do this, especially if there is a saving involved.

It is important you understand the chemical make-up of the generic alternative is exactly the same as the name brand. The effect on your body is exactly the same. Therefore if choosing the generic can save money in some jurisdictions, go for it!

Pharmaceutical Benefits

Most nations have programs or policies to bring expensive medications within the reach of their citizens. Hence, in Australia this has been done through the Pharmaceutical Benefits Scheme (PBS).

All Australian citizens have access to the PBS. As a consumer, the most important thing to you is the PBS Safety Net. Once you have spent a certain amount under the PBS, you reach the PBS Safety Net threshold.

The PBS safety net thresholds for 2022 are as follows:

  • $326.40 for concession card holders. 
  • $1542.10 for general patients.

Once you meet your PBS threshold your medicine will then be either:

  • Free for concession card holders; or
  • Up to $6.80 for general patients.

Medication Savings at Chemist Shops

medication savings at chemist
medication savings at chemist

Shop around when it comes to chemists. We have found some of the big chain stores such as Chemist Warehouse to be very competitive on price. This is particularly so when it comes to those medical needs that are not covered by the PBS. To save money on petrol, compare prices online and check they have what you need in stock before leaving home.

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By Rob Pyne

Quadriplegic, Former MP, Councillor & Political Campaigner: Rob is an Eco Socialist who shares ways to survive & fight capitalism. #socialism #championoftheunderdog Occupation: Online Editor Employer: Champion of the Underdog! Book: Struggle and Resistance in the Far North

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