Today’s elderly generation learned important financial lessons from their parents, witnessing their careful spending and saving habits. They grasped the concept of setting money aside for unexpected situations. However, times change, and convenience often outweighs the urge to save. When choosing between buying medicines quickly at a nearby hospital or seeking cheaper options, immediate purchase tends to win. Delaying the purchase might also bring challenges, like certain brands being unavailable or specific combinations missing from online pharmacies.
A recent article from the Centre for Economic Data and Analysis (CEDA) reveals insights into average healthcare spending for Indian households in November 2022. The findings are as follows:
| Household Category | Monthly Income < INR 8000 | Monthly Income > INR 80,000 |
| Rural | INR 304 | INR 447 |
| Urban | INR 344 | INR 1275 (Wealthiest households) |
This article also highlights that 42.3% of expenses go to medicines, while 45.5% are for health-enhancing services like fitness and medical aids. Seniors with ongoing medication needs for conditions like diabetes and blood pressure may face higher monthly costs. On the other hand, those without chronic ailments may spend less.
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But if there’s a chance to save on monthly medicine expenses, why not take it? Here are some options seniors can explore:
- Maximise Online Deals
You’ve likely seen TV ads promoting convenient medicine purchases through online retailers that offer significant savings. Names like PharmEasy, 1MG, Apollo Pharmacy, NetMeds, and Truemeds stand out. These platforms offer discounts of 10% to 20%, leading to meaningful monthly savings. By trying out and comparing these apps, you could save an average of INR 15,000 to INR 20,000 each year.
- Discover Generic Drugs
Ever heard of Jan Aushadhi shops? This government initiative slashes prices of generic drugs by 50% to 90%. While various brands offer similar medicines at varying costs, unbranded manufacturers provide generic versions at much lower prices. India leads in producing generic drugs, offering alternatives for almost every prescription. Explore these options to cut your monthly medicine expenses.
Several apps provide access to generic drugs. Dawaa Dost, Medkart, and Generic Aadhaar are startups dedicated to making safe, affordable medicines accessible. They adhere to strict standards for reliability.
(Note: Unbranded doesn’t mean unsafe. Regulations are in place, and India exports 20% of the world’s generic drug supply, demonstrating its leadership in this area.)
- Leverage Memberships
Numerous pharma outlets and communities extend loyalty programs or memberships that translate to savings within their network. Samarth brings an exclusive privilege plan for seniors across India, which will not only help you get managed healthcare support by catering to your special requirements such as discounts on medicines, special equipment needed, or specialised homecare support. Seniors can also avail free expert advice on health, money, and legal matters or consult our empanelled advisors.
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- Prioritise Preventive Care
The best way to reduce medicine expenses is to reduce the need for them. This involves adopting a healthy lifestyle and following your doctor’s guidance. Thoughtful self-care can decrease dependence on medicines, even for chronic conditions. Embrace a balanced diet, regular exercise, and health check-ups to proactively manage your well-being.
Buying medicines in bulk or returning unused ones (where permitted) are cost-effective strategies. Many options exist for those aiming to cut monthly medicine costs. Embark on this journey of exploration and start saving a little extra today!
