How to Save Money On Prescriptions
According to a poll by the Henry J. Kaiser Family Foundation, nearly 1 in 4 Americans who take prescription medication say it’s difficult for them to afford it. This means more and more people aren’t able to care for their health because of outrageous prices of pharmaceuticals.
Thankfully, there are strategies you can use to keep your prescription filled without breaking the bank. You don’t have to skimp and skip on your meds. Here’s how you can save money on prescriptions:
Being a savvy shopper also applies to prescription meds, too. Often, different pharmacies charge different retail prices for the same medications. This is because they have different overhead costs which can drive their prices lower or higher.
It pays to do your homework so don’t be afraid to shop around. Call your local pharmacies, check out prices at the supermarket, or check online to compare prices. This way you can find the deal that offers the best value for your dollars.
Try Sites and Apps like GoodRx.com
GoodRx is a website and app that gathers prices for more than 70,000 pharmacies across the U.S. to bring you up-to-date information about what drugs cost and how you can save. With this tool, you can save up to 80 percent on your prescriptions.
Apart from letting you find the best deals on their platform, they also offer coupons that will help you pay less than the cash price for your prescription. These are free to use and can be used at many pharmacies across the U.S.
What’s more, you can use GoodRX discounts in conjunction with your insurance or Medicare so you can reel in even more savings.
Look for Manufacturer’s Coupons or Savings Assistance
Drug manufacturers issue coupons and provide patient assistance programs that can help you save money on your medicine particularly if you don’t have insurance.
Today, there are hundreds of companies with coupon programs and information on these are often available on their websites.
There are also magazines and websites that offer discount coupons you can use to save money on prescriptions.
In the past I was prescribed a medication I couldn’t afford. I went to the manufacturers website and found a form I could fill out for assistance. Before I knew it they were sending me 90 day supplies like clockwork for free. Don’t give up, just keep looking and calling, you will find a way.
Turn to Generics
Ask your doctor if your prescribed medication has a generic counterpart. These drugs often come with a price tag that’s 80 to 85 percent lower than their brand name counterpart.
However, despite the lower cost, they offer the same efficacy since these are formulated pretty much the same way as their more expensive counterparts. The only difference is the fillers, coating, and colorants used.
Request a Higher Dose and Split It
Depending on the medication you are prescribed, you may be able to request a higher dose pill that you can then split in half. However, you need to consult your doctor first to make sure that your medicine will remain effective even when cut. Some formulations tend to lose their effectiveness once exposed to air.
Ask for Samples
Don’t be afraid to ask your doctor for samples especially if he or she is prescribing a new drug with no generic counterpart. This way, you can determine its efficacy before fully committing to making that expensive purchase.
Pharmaceutical reps often leave many samples with the Dr. and they can pass those on to you. You just need to ask. Also be honest with your Dr. about your financial situation, they want you to take the medicines they prescribe, so they can be very helpful in you being able to obtain it.
Seek State or Federal Subsidy Programs
There are state pharmaceutical assistance programs that can help you to save money on prescriptions particularly if you fall under the category of underinsured or uninsured. You can check to see if you are eligible for these programs. Note, however, that not all states have a comprehensive enough program and there’s usually an income requirement.
Alternatively, you can also check out non-profit assistance programs like Needy Meds and Partnership for Prescription Assistance.
Check if You Qualify for Medicare Help
Medicare Part D helps people receive price breaks on prescriptions if they meet the eligibility requirements. If you are eligible, then you will pay no more than $2.65 for generic drugs and $6.60 for name-brand drugs.
If you don’t qualify for Extra Help, you can also opt to update your Medicare plan. You can find options on personalized plans on their website.
Taking care of your health doesn’t have to take a toll on your family or personal budget. You just need to follow smart strategies that can help you save money on your prescriptions.
If you’ve found these tips for how to save money on prescriptions helpful, don’t forget to share it with your friends and family.