Medications can be expensive, and many Americans struggle to pay the out-of-pockets costs associated with their medications. Fortunately, there are ways to save money on prescriptions without sacrificing quality healthcare. These 5 strategies will help you save:
- Ask for Generic Drugs
Generic versions of brand-name drugs have the same active ingredients and work the same way in our bodies as their brand-name counterparts. Where the medications differ is in their inactive ingredients like fillers, colors, and flavors, which do not impact their effects.
Generic drugs are generally 80-85% cheaper their brand-name equivalent through insurance, so ask your doctor or pharmacist if a generic version is available and is the right option for you.
- Use Discount Websites
There are many discount websites that offer savings on prescription medications. These discounts cannot be combined with insurance, although sometimes they offer higher savings than your insurance.
Medication prices vary from pharmacy to pharmacy whether you use insurance or a discount coupon. Unlike insurance plans, discount websites like SingleCare have a drug search tool that allows you to shop around for the lowest price on your medications at nearby pharmacies. By typing in your medication name and other criteria like form, dosage, and count, you can see which pharmacy offers the cheapest option and then obtain the free coupon. Signing up for a free account allows for one-time bonuses or even free shipping, so be sure to shop around!
- Try Mail Order Pharmacies
Mail order pharmacies tend to offer significant savings and free (sometimes overnight) delivery on medications due to their large volume discounts from pharmaceutical companies. Studies have shown that people who fill new and existing prescriptions through a mail order pharmacy often have higher adherence to their medications when compared to individuals who fill at their local pharmacy due to decreased costs, convenience, and larger supply.
To experience these benefits, ask your provider to send your prescription(s) to the mail order pharmacy of your choice. There are many to pick from, and your health insurance provider may have a mail order pharmacy of their own.
- Look Into Patient Assistance Programs
Many pharmaceutical companies, government agencies, and non-profit organizations states offer patient assistance programs that provide free or reduced-cost medications to those who qualify, based on insurance status, income level, age, disability status, or even proximity to a disaster area.
Search “patient assistance programs” to find options then submit online enrollment applications or call programs directly to inquire about eligibility. Or explore some patient assistance programs listed here:
- Consider Alternative Treatments
Talk with your provider about alternative treatments that could help reduce costs while still providing effective relief from symptoms related to your condition(s). In some cases, there may be nonprescription options like dietary changes or exercise regimens that could help reduce symptoms and improve overall health without having to rely exclusively on expensive prescription medications! Make sure to consult your healthcare provider before making any changes.
Managing the costs associated with prescription medications can be tricky, but it doesn’t have to be impossible! With these five tips for saving money on your prescriptions, you can get the care you need without breaking the bank in the process. From shopping around and comparing prices between different pharmacies to taking advantage of mail order discounts and alternative treatments, there are plenty of options available when it comes to saving money on prescription medications – all it takes is a little bit of research and planning. Good luck