Money
Ways To Keep more cash On Prescriptions (10)
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 costly.
The good news is that there are a mix of ways that you can spend less on prescriptions.
The topics that we’ll be taking a look at today are:
- Understanding your health insurance coverage
- Generic vs. brand-name drugs
- Utilizing prescription discount cards and programs
- Pharmaceutical assistance programs
- Comparing pharmacy prices
- Pill splitting
- Leverage Health Savings Accounts (HSAs) Or Flexible Spending Accounts (FSAs)
- Buying in bulk
- Buying directly from the drug manufacturer
- Asking for samples.
Let’s go ahead and jump right into it!
Understand Your Health Insurance Coverage
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 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 spend less 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 vs. Brand Name Drugs
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 regarding inactive ingredients.
These inactive ingredients can affect things like flavor, texture, and shelf life. Generic drugs are often around >50% less costly than name-brand drugs, making them a popular choice for those wanting to spend less 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.
Utilize Prescription Discount Cards and Programs
There are a mix of discount cards and programs that can help you out regarding spending less on prescriptions. Some popular prescription drug discount cards and programs include:
- GoodRx
- SingleCare
- Walmart Rx
- Blink Health
- Optum Perks.
There are a huge amount of other discount cards and programs that may also be offered 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 keep more cash on a range of prescription drugs.
Pharmaceutical Assistance Programs
Pharmaceutical Assistance Programs, or PAPs, are state-run programs that provide financial assistance 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 site.
Compare Pharmacy Prices
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 drawn from the pharmacies in your area.
Consider Pill Splitting
One method for spending less 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 wind up saving you a significant amount of money, it pays 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 (HSAs) or Flexible Spending Accounts (FSAs)
Leverage Health Savings Accounts and Flexible Spending Accounts are two extremely useful tools regarding spending less 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 spend less by applying 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.
Buy in Bulk
One simple way that you can save a bit of money when buying prescriptions is to buy them in bulk. Often, a larger prescription like a 90-day bottle of tablets will be significantly less costly per table compared to a 30-day bottle.
Not only does this work out to be less costly, 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 be sure to check with your doctor or pharmacist that you are able to buy your medication in bulk!
Buy Directly From The Drug Manufacturer
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 spend less on your prescription.
When researching the best prices for your prescription, checking if the drug manufacturer does direct-to-shopper sales is a great way to keep more cash.
To find drug manufacturer deals and sales, you can enquire at your local pharmacy, with your doctor, or online.
Ask For Samples
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.
