2. Go generic

If you didn't have your formulary with you at the doctor's office, or you don't have a prescription plan, ask your doctor or pharmacist if there is a generic equivalent or a similar medicine that may be available as a generic, advises Sarah Ray, a spokesperson for the American Pharmacists Association. Generics, which are legal copies of brand-name drugs whose patents have expired, use the same active ingredients, are shown to work the same way in the body, and can cost a fraction of their brand-name counterparts. They’re less expensive because generic manufacturers don't have the investment or marketing costs that new drugs require.

While generics are available at all pharmacies, certain generics are also available at mass retailers including Target, Wal-Mart, and Kmart for very low prices. (Target and Wal-Mart offer a 30-day supply of generics for $4 or a 90-day supply for $10; Costco charges $10 for 100 pills for most generics; and Kmart charges $10 or $15 for 90 days' worth.) It's worth checking to see if your drug is on any of their lists. Be careful, though, advises Vibhuti Arya, a spokesperson for the American Pharmacists Association; the megastore prices for brand-name medications can be higher than normal, possibly making the total price of your medicine needs higher than average.

Other lower-cost options you should ask your doctor about are older drugs that might be just as effective (but less expensive) or a less-expensive version of a drug that’s in the same class.

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Resources you can use to help you look for generic and other low-cost alternative medications are available at Rxaminer and Consumer Reports' Best Buy Drugs Guide.