TORRANCE TRIBUNE September 12, 2013 Page 9 Seniors Finance More Americans Choosing Generic Drugs Leasing a Car on the Cheap (BPT) - Have you ever gone to fll a Consumers should know that the U.S. Food By Jason Alderman vehicle on the websites (generally prescription and the pharmacist asks if you’d and Drug Administration, the federal agency My trusty Volvo wagon served $50 to $150), and a transaction like the generic version of the medication, responsible for protecting and promoting our family well for 13 years, fee if a lease transfer is initiated perhaps reminding you that it is at a public health, requires that generic drugs but after 106,000 miles it fnally ($100 to $150). considerable cost savings over the brand- must be identical or “bioequivalent” to brand gave up the ghost. My wife just Buyers pay a registration fee completed graduate school so to obtain contact information for we weren’t ready to commit to a sellers (around $40 to $80). Some new car payment. I rented a car sites charge buyers a transaction at frst, but at $500 a month, that fee as well. soon got old. Buyers must file a credit Then I came across a concept new to me: application with the lender, which can assuming someone else’s car lease. Initially I cost up to several hundred dollars; the fee was skeptical, but after considerable research typically isn’t refundable if the credit check I took the plunge. It took many emails and deems you aren’t creditworthy. phone calls and a month-long wait for the The leasing company itself will typically paperwork to clear, but I now have a one-year charge the buyer a lease transfer fee (typically lease on a quality car whose monthly cost $50 to $600). is about a third less than the stripped-down A few additional suggestions and model I was renting. precautions: “All in all, if you’re flexible about what kind of car you’re willing to drive and not in a big hurry, assuming someone else’s lease can be a viable option.” With the caveat that car lease assumption Inspect the car and note any damage. You is not right for everyone, here’s how the may also want to have a mechanic inspect it. process works: Ask whether the lender will remove People need to get out of their car leases the seller’s name from the lease – some for a variety of reasons but it’s notoriously won’t. named drug? Or you’re told that your insurance name drugs in dosage form, safety, strength, diffcult to do so – you usually must pay During negotiations, ask the seller to pay will only cover the generic equivalent of what route of administration, quality, performance the outstanding balance plus an early the application and lease transfer fees. It your doctor has prescribed? characteristics and intended use. termination fee. doesn’t hurt to ask and you’re still saving The frst time this happens, you undoubtedly “The U.S. FDA tests generic medicines just One way around this, if your finance them a ton of money. have many questions: Is there a difference as rigorously as their branded counterparts,” company allows it, is to transfer the lease to Don’t expect a lot of customer service between branded and generic medicines? explains Venkat Krishnan, senior vice another party for the remainder of its term. from the swapping website. Will the generic be just as safe and effective? president and regional director at Ranbaxy Many people use online lease assumption Make sure there’s enough mileage left on Do insurance companies prefer generics? If Inc. “Generic drugs must meet rigid qualifying services like Swapalease.com and LeaseTrader. the lease to suit your needs. you have, you’re not alone in asking these criteria before they can be made available com. I went with Swapalease.com. You’ll have to pay DMV registration fees questions. to the general public. At Ranbaxy, we have These companies match people wanting to and sales tax may apply. It’s no secret that the rising costs of health stringent protocols in place to ensure that our unload their lease (think of them as “sellers”) Your insurance company will need to care services and medications have been products are both safe and effective, and we with so-called “buyers” interested taking over provide the leasing company with evidence affecting millions of Americans - indeed, our stand behind that, focused on our philosophy the remainder of someone’s lease. Among that you have adequate coverage. economy - and will undoubtedly continue to do of ‘Quality and Patients First.’” the potential advantages for buyers: Know that it can take several weeks so in the future. However, generic alternatives People are choosing generics in increasing No down payment. or more for the transaction to fully have proven to be a critical factor in slowing numbers, out of economic necessity and You can secure a shorter-term lease. close. For me, that meant an extra month’s down national health care spending. In fact, because they are increasingly better informed. Sellers will generally offer or agree to rental. generic drug use has saved America’s health Of the 4 billion prescriptions written in fnancial incentives to unload their lease. All in all, if you’re exible about what care system approximately $1.07 trillion 2011, nearly 80 percent were dispensed Newer cars are usually still under warranty. kind of car you’re willing to drive and not in over the past decade, with $192.8 billion in using generic versions of their brand name However, be aware of the many fees a big hurry, assuming someone else’s lease savings achieved in 2011 alone, according counterpart. With generics, consumers have involved on both sides of the transaction: can be a viable option. Just make sure to do to a 2012 study by the IMS Institute for the option of paying a price that is as much Sellers are charged a fee to advertise their your due diligence. · Healthcare Informatics. as 85 percent lower than name-brand drugs. However, while consumers recognize If you have questions about switching to the cost advantage of generic drugs, they a generic prescription, have a conversation are reminded, from time to time, of the with your doctor or pharmacist, or visit www. 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