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walletpop.com offered a comparison of generic brands vs. regular brand groceries. While the results were mixed, there is something to be said for purchasing generic brands in order to save money. It simply depends on your preference and your budget.

Prescription drugs can break anyone?s bank, especially if they do not have insurance. Even for those who do, the costs can be just as exorbitant. For example, Crestor is a cholesterol-lowering drug. For those who have insurance and have been prescribed this drug, the cost may be substantially reduced. But there?s a catch.

One woman commented that she was prescribed Crestor and it cost her $15.00 through her insurance company last year. Unfortunately, this year, her insurance company will no longer pay for this drug and the cost to her is over $150.00. The insurance company advised that she could switch to the generic drug Simvastatin (Zocor). This drug costs $9.00. Does this matter? It certainly does because although Zocor is also a cholesterol-reducing drug, Crestor results in a more significant decrease in cholesterol levels than Zocor.

What is the relevance of this story? Every year, the insurance companies issue mandates to pharmacies that a certain drug will no longer be covered under a particular health plan, whether it?s an HMO or PPO. Thus, if your doctor has prescribed a specific drug and you take the prescription to your pharmacist, you may be in for a rude awakening.

The point is that with healthcare costs rising, switching to generic drugs can save you quite a bit of money. However, it should be your choice and not the insurance company’s.

On a lighter note, buying generic groceries can also save you quite a bit of money. Most supermarkets carry store brands as well as generic brands. For example, you can purchase generic paper towels, tissues, paper products, and canned goods. But depending upon your needs, not all generic products are as good as the real thing. Thus, you may decide to choose half generic and half known brands in order to save a few dollars at the supermarket.

Here is an example from walletpop: Kelloggs Frosted Flakes costs $4.49 for a 17 oz. box. Its generic counterpart, Pathmark Frosted Flakes, costs $2.99 for the same sized box. Consumers found that the Pathmark brand is just as good as Kelloggs, and the Pathmark product can be purchased on sale more often, providing additional savings.

There is no question that buying generic, whether it’s prescription drugs or groceries, offers more savings than purchasing regular or premium brands.



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