Making Extra Money - Part 3

I got an email the other day that, to my point from yesterday's post, is probably an urban legend. It told the story of a very wealthy man in New York that walked into a bank and told the loan officer that he'd like to take out a loan for $5,000. When asked for collateral, the rich man said he was using his Rolls Royce outside as collateral. The bank took the Rolls Royce, gave the man $5,000, and he left. Two weeks later, the man returned, paid off the $5,000 + $15.00 in interest, and got his car back. When asked about the loan, the man replied "Where else in New York can you park your car for 2 weeks for $15.00?".

Interesting story - probably fake - but it illustrates the point that rich people probably think differently than most of the rest of us. They're always thinking and looking for ways to maximize their money. My post today is about maximizing your spending when it comes to health care products.

I'm sure you've all heard and read about people buying their prescription drugs from Canada. The US Government is concerned about this practice - and rightfully so. Drugs are MUCH cheaper in Canada. Something most people probably don't know is this - many drugs that require a prescription in the US do not require a prescription in Canada. Furthermore, many prescription drugs in the US are available over the counter in GENERIC form in Canada. Take a look at these examples:

Zyrtec (allergy medication)

90 tablets - 10 mg

Drugstore.com - $198.41 (prescription required)

CanadaPharmacy.com - $34.00 (over the counter, generic)

My co-pay on this drug is $30.00. That means that even with my health insurance, I'm going to spend $90.00 over 3 months to get 90 pills (30 pills per month). Or, I can buy from Canada and get 90 pills for $34.00.

Here's another example:

Protonix (acid reflux medication)

90 tablets - 40 mg

Walgreens.com - $346.79 (prescription required)

CanadaPharmacy.com - $75.00 (over the counter, generic)

Again - my copay for three months is going to be $90.00. Or I can buy 3 months worth for $75.00 from Canada. This is WITH insurance. If you don't have insurance or your insurance has higher co-pays, you should absolutely not buy another drug until you calculate what you could be saving.

It doesn't just work for prescription drugs either. Many pet products that are really expensive and require a vet prescription are sold over the counter in Canada for a fraction of the cost. You can really save a ton of money and it's legal and easy!

Here are two companies I've used in the past that are reputable and offer good service/prices: