How to shop for affordable prescriptions
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Modern medicine is great, but it’s not always cheap. Prescriptions in particular can be a big line item in your monthly household budget, especially considering that drug prices are 2.56 times higher in the United States than in similar countries.
Luckily, there are a few cost-effective tips and tricks that can help you knock down the price tag on some of your prescription drugs. Here’s what you might want to keep in mind next time you find yourself picking up an Rx.
How to shop for affordable prescriptions
1. Talk to your pharmacist
Your friendly neighborhood pharmacist can be an excellent resource for prescription savings. As you build a relationship with your pharmacist, they’ll become familiar with your medications and what works for you — and you can always ask them to use their expertise to help you save money down the road.
Sometimes, a longer supply of a low-dosage drug may cost more than a shorter supply of the same drug but in a higher dosage. Some pharmacists may be able to help you save by suggesting changes to how your prescription is filled, like doubling the dosage in one pill, so you can split each pill in half before taking it.
Next time you need an Rx filled, swing by the pharmacy or call and ask if they can suggest any budget-friendly alternatives or swaps.
2. Look into generic drugs
If you’re trying to save money on groceries, you might buy “creme-filled chocolate sandwich cookies” instead of a name-brand like Oreo — the same is true for prescriptions.
Generic prescriptions typically have the same active ingredients and effects as brand-name options but at a fraction of the cost. In fact, the FDA mandates that generic drug manufacturers must have the same manufacturing process and standards as their name-brand counterparts. The main differences can be subtle, like inactive ingredients or flavoring.
If your doctor prescribes you a brand-name drug, ask them or your pharmacist if a generic version is available instead. They can give you a full rundown of the options and a better idea of any pros and cons.
Save money with generic drugs
3. Think about how you order prescriptions
When you fill your prescriptions, there’s a good chance your doctor might prescribe a 30-day supply. If it’s a medicine you take daily, that means you’ll have to get 12 refills per year. Instead, why not buy in bulk?
If your doctor already prescribes your supply in 90-day intervals, then that’s great! If not, ask your doctor to switch you to a 90-day supply. Not only will you cut down on trips to the pharmacy, but you might be surprised at how much you can save.
If you need specialty pharmaceuticals like injectables, you can check for infusion locations through the National Infusion Center, which is a nonprofit organization that offers affordable alternatives for infusible and injectable medications.
4. Get familiar with your insurance coverage
Did you know that most insurance providers only cover certain pharmacies? If your pharmacy isn’t in your insurance network, the medicine you get that’s usually five dollars could end up being 10 times more expensive. Before you get any prescriptions filled, call your pharmacist or insurance company to confirm that they’ll accept your coverage.
There’s also a list of drugs covered by your insurer, called a formulary, that you can crosscheck before filling prescriptions. Some medications may have higher copays or might not be covered at all. If you have any questions about what is or isn’t on your formulary, you can always reach out to your insurance provider for more info.
If you find that you need a prescription that’s not covered by your insurance, feel free to check out online pharmacies, like Cost Plus Drug Company and Blink Health. You won’t be able to use your insurance, but you might find it cheaper to pay out of pocket.
5. Check out online resources and coupons
The World Wide Web can be a treasure trove of money-saving resources, even when it comes to prescription drugs. There are plenty of websites and apps that provide discounts for specific medications and price comparison tools — just make sure they’re reputable sources and be wary of sharing too much personal information.
Two great prescription-saving resources are GoodRx and SingleCare, which allow you to compare drug prices at different pharmacies and access free coupons. You don’t need a membership to use either of these resources, although they offer that option.
Additionally, many major Rx manufacturers have programs for patients that increase access to their drugs. You can check your specific drug manufacturer’s website to learn more and see what money-saving options might be available.
Keep in mind that prescription savings rates can change month-to-month. Regularly checking these price comparison sites and coupon sources can help you find more opportunities to save and potentially mitigate any price hikes.
6. Explore savings programs
Prescription savings programs are relatively new and growing in popularity. Most national pharmacies offer some sort of prescription savings club, including:
CVS ExtraCare and CarePass
Walgreens Plus
RiteAid Wellness+ and BonusCash
Amazon Prime RxPass
The perks of each program vary, with some offering cash back on in-store purchases, rewards for meeting certain goals, and points programs. Most of the pharmacies above offer these programs at no extra cost, but it’s a good idea to double-check any terms and conditions before you enroll.
If you use a different pharmacy for your prescription needs, consider asking if they have any similar programs. Some smaller local pharmacies may even be willing to offer you a discount if you ask.
7. Use an FSA or HSA
If you have an FSA or HSA, this is the perfect opportunity to use it. These accounts allow you to set aside pre-tax money for medical expenses, which include prescription drugs. By using your HSA or FSA, you effectively reduce the overall cost of your medications and make your hard-earned money go further.
Remember, there is no "right" or "wrong" way to find the best savings that meet your unique situation. Picking and choosing from any or all of these options can help you make informed, cost-saving decisions.
ALEX
Laughter is the best medicine, which is why all pharmacists are required to do a year of clown school.