TaxTips.ca - Prescription prices are not equal!

TaxTips.ca
Canadian Tax and
Financial Information

Prescription Prices

TaxTips.ca does not research or endorse any product or service appearing in ads on this site. Before making a major financial decision you should consult a qualified professional.
Copyright © 2010

Looking for US tax information? See www.USTaxTips.net

List your firm for free in the TaxTips.ca Business Directory.

Need an accounting, tax or financial advisor? Look in the TaxTips.ca Business Directory.

Financial Planning -> Save Money -> Prescription costs

Prescription prices are not equal!

Pharmacies may charge different dispensing fees, and drug prices. Here are the results of a survey of 5 pharmacies in one city for the same prescription, also showing how much you will pay if your prescriptions are covered by BC's PharmaCare Plan:

Store #	Drug Cost	Dispensing Fee	Total Cost	BC PharmaCare pays *	Your Cost
1	$88.07	$5.98	$94.05	$94.05	nil
2	$91.13	$6.48	$97.61	$97.61	nil
3	$92.49	$6.98	$99.47	$98.47	$1.00
4	$92.19	$8.49	$100.68	$99.98	$0.70
5	$103.38	$8.99	$112.37	$100.09	$12.28

* BC Pharmacare will pay up to $91.49 for the drug cost, and up to $8.60 dispensing fee.

If you are covered by extended health benefits, most of the cost will be paid by your plan, but if you have an annual or a lifetime maximum you may reach those limits much earlier by shopping at the expensive pharmacy.

Provincial drug plans set maximum prices that they will pay for eligible drugs. Any excess charged by a more expensive pharmacy will not be covered.

Tip: Compare prescription prices - both drug costs and dispensing fees.

Revised: July 19, 2010

The information on this site is not intended to be a substitute for professional advice. Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage.
See our Business Directory for tax, accounting and finance-related firms in your area.
Please see our legal disclaimer.