If you need any form of prescription, one thing that you may find to be endlessly frustrating is the price that you have to pay!
It seems that prescription medications are only getting more and more expensive.
The good news is that there are a variety of ways that you can save money on prescriptions.
In this article, we’ll be going over ten of the easiest ways to cut down on the cost of prescription medication.
The topics that we’ll be taking a look at today are:
Let’s go ahead and jump right into it!
Before buying a prescription medication, you want to fully understand your health insurance coverage.
There are a range of questions that you can ask your pharmacy in order to ensure you are getting your prescription at the best possible price.
You can enquire with your pharmacy regarding any coupons or discounts you may be eligible for. Another key way to save money on prescriptions is to ask your pharmacy for an insurance formulary.
This is a list of both generic and brand-name prescription drugs that are covered by your insurance policy, whether that’s a prescription drug plan or an alternative insurance plan:
Generic and brand-name drugs are always going to have the same active ingredient that is used to treat a specific illness or condition. However, there may be slight differences when it comes to inactive ingredients.
These inactive ingredients can affect things such as flavor, texture, and shelf life. Generic drugs are often around >50% cheaper than name-brand drugs, making them a popular choice for those wanting to save money on prescriptions.
If you are interested in trying out a generic alternative to a name-brand drug, you can discuss this with your doctor for guidance on the topic.
There are a variety of discount cards and programs that can help you out when it comes to saving money on prescriptions. Some popular prescription drug discount cards and programs include:
There are a huge amount of other discount cards and programs that may also be available to you depending on your needs and location.
If you are interested in utilizing prescription drug discount cards or programs, this is something that can be discussed with your doctor or pharmacy, or even researched online!
These cards and programs are quick and effective ways to save money on a range of prescription drugs.
Pharmaceutical Assistance Programs, or PAPs, are state-run programs that provide financial assistance in order to provide aid to certain people who are struggling to pay for prescriptions.
If you have insufficient or no insurance coverage for your prescription, one of these programs may be able to get you discounted (or even free) prescriptions.
These programs and what they can provide vary heavily depending on your location and your specific needs.
To see if you qualify for one of these programs, contact your doctor, pharmacy, or your local PAPs website.
Depending on the specific drug that you are looking for, you may be able to save up to 50% of the cost by shopping around. Different pharmacies will offer certain prescription drugs at different prices.
Comparing the prices of your prescription between pharmacies can save you a whole lot of money. There are even several online tools and apps that will help you find the best deal on your prescription based on the pharmacies in your area.
One method for saving money on prescriptions that has grown in popularity is pill splitting.
This is when someone will get a higher-strength prescription from their doctor and then split the tablets in half to get the prescribed dose.
While this can end up saving you a significant amount of money, it is important to be very cautious when pill-splitting. Consult with your doctor before attempting this, as not all tablets can be split effectively.
If you get the go-ahead from your doctor, ask for the best method of pill splitting to ensure you are doing it correctly as this can differ depending on the medication.
Leverage Health Savings Accounts and Flexible Spending Accounts are two extremely useful tools when it comes to saving money on medical expenses.
A Leverage Health Savings Account is a form of savings account reserved exclusively for your medical expenses. You can invest money into this account directly from your paycheck before you are taxed.
A Flexible Spending Account is similar to a Leverage Health Savings Account, except your employer sets this one up!
You can indicate to your employer how much of your paycheck you want to go into your Flexible Spending Account and this amount will be added tax-free.
Since all of the money invested in these accounts was put in before tax, you can save money by using these accounts for your prescriptions rather than paying out of pocket.
This is also a great way to save for medical emergencies, ensuring that you have funds to fall back on.
One simple way that you can save a bit of money when purchasing prescriptions is to buy them in bulk. Often, a larger prescription such as a 90-day bottle of tablets will be significantly cheaper per table compared to a 30-day bottle.
Not only does this work out to be cheaper, but it will also mean fewer trips to the pharmacy.
With that being said, some medications will limit how much you can purchase at a time – so make sure to check with your doctor or pharmacist that you are able to buy your medication in bulk!
In some instances, drug manufacturers will do direct-to-consumer sales of prescription medication.
These sales often include huge discounts and are a great way to save money on your prescription.
When researching the best prices for your prescription, checking if the drug manufacturer does direct-to-customer sales is a great way to save money.
To find drug manufacturer deals and sales, you can enquire at your local pharmacy, with your doctor, or online.
If you are prescribed a medication by your doctor, you can (and should) ask for samples!
Most common medications are often provided as samples by drug reps and are a great way to see if a particular medication works for you before committing to it.
These drug samples are often given away for free by doctors in limited amounts to be used in the form of a ‘trial run’ with the drug.
If you want to test the effectiveness of a medication for free before committing to paying for a full prescription, then ask your doctor about prescription drug samples.