Health savings accounts encourage you to increase your participation in your health care and treatment options, or simply, to become a health care consumer. The idea of becoming a health care consumer is new to many of us, so HSA Bank created a four-part series of consumer tips. Below is a discussion about the use of generic prescription drugs as a replacement for brand-name prescription drugs.

Tip #1:  Generally, generic prescription drugs are less expensive versions of the brand-name prescription drugs, and just as effective.
Tip #2:  A theme throughout the consumer tips series is communication. If your doctor is prescribing a prescription, ask him/her if the drug being prescribed is a generic drug. If it is not, ask if a comparable generic prescription drug is available and if your doctor would prescribe that instead.
Tip #3:  Not all prescriptions are approved or covered by health insurance plans. Each plan maintains a list of acceptable prescription drugs, brand-name and generic, which is called a formulary. Formularies consist of drugs that have been effective, safe and economical. Ask your doctor, pharmacist or health plan representative if the prescribed drug is on your health plan’s formulary list.
Tip #4:  Prescription drugs can be costly, generic or brand-name. Asking your doctor about any alternative, non-prescription treatments may save you money in the long run.

Important reminder: With all prescription drugs, it is important to inform your doctor of any other prescription drugs, over-the-counter drugs or supplements that you may be taking.

HSA Bank does not provide medical advice. This communication is intended to inform you about the differences, and potential advantages, of using comparable generic prescription drugs when they are available.