Ways to Save Money on Prescription Drugs

Save Money on Prescription Drugs

It is often seen that people avoid taking medications because they are unable to afford the cost. Some people take just half of the prescribed dose to reduce the cost of filling the prescription. However, there are several ways through which people can save money on prescription drugs and they just don’t need to avoid the medications and the prescribed doses. The first step towards saving money on prescription drugs is to have a health plan having prescription drug benefits or to have a prescription drug discount card. There are some other ways also through people can save more on their prescription drug cost.

Some of the short-term plans and supplemental health plans available in the market offer discounts on prescription medications. Some of these plans provide discounts of up to 70 to 75% saving on prescription drugs at over 66,000 pharmacies nationwide. These plans allow people to search for the lowest available price at participating pharmacies. Members can text, email, or print their discount to use at the pharmacy of their choice along with their prescription.

Some of the Other Ways to Save on Prescription Drugs

Besides having health plans that cover prescription drugs, there are some other ways through which people can save money on their medications.

Opt for Generic Prescription Drugs

Generic prescription drugs on average are about 80 to 85 percent lower cost than branded prescription drugs, as per the U.S. Food and Drug Administration. It can be huge savings if people are prescribed with several medications by their doctors. Generic drugs have proven to be safe, effective, and perform the same as the brand name prescription drugs. If a generic drug does no pass the FDA tests, then it will not be approved to be sold to the public. It means that people without any doubt can take a generic drug of the same strength or the same active ingredients as a brand name.

Read More  Facts About Health Insurance Premium Tax Credit

Request for Sample Medications from Doctor

Pharmaceutical companies generally provide free samples of branded prescription drugs to doctors to persuade them to prescribe their medications. Sometimes doctors believe that a certain branded drug will only be effective to treat illness or injury of a patient. In such cases, the doctor may provide free samples that the patient can use before filling the prescription. If the branded drug is the only option for a person and have insurance or another way to pay for the branded drug after using up the free samples are used, this may be an excellent way to save money for them.

Comparison Shopping at Pharmacies

There are several pharmacies in an area, some are chain stores and some are independent pharmacies and all have different arrangements with the supplier from whom they purchase their prescription drugs. Some pharmacies are offered with special deals by drug manufacturers or distributors that reduce the sale price of certain drugs. Those medications become the reason for bringing back people to the same pharmacy time after time. Even while shopping for generic drugs, there can be a significant difference in the costs from one pharmacy to the other. A Consumer Reports study revealed that drug prices significantly vary and people who do not do comparison shopping can end up paying as much as $100 a month or more.

Buy in Bulk, around a 3-month supply of drugs

People by buying prescription medications in bulk can save a good amount of money, however, they first need to check with their pharmacy to ensure that they offer discounts on bulk buying. There are some pharmacies that sell a 3-month supply of prescription drugs at a lower cost compared to 30-day prescriptions for the same medication. Besides, people who have access to an insurance program or discount program in which mail-order option is available, then also they may save money on their out-of-pocket cost for the medication. While purchasing a 3-month supply of prescription drugs, people first need to get it prescribed by their doctor. Otherwise, people are not able to purchase more than about a one-month supply.

Read More  How to Enroll in Individual Health Plan with a Qualifying Event

Seek for Patient Assistance Programs

There are patient assistance programs designed for some specific drugs and for certain drug manufacturers. This program is designed to allow lower-income individuals to purchase specific medications at an affordable price. However, people need to meet certain income requirements to qualify for this program, but in the majority of cases, the income level threshold is higher compared to other programs of public assistance, so an increasing number of people qualify for it. People who are on Medicare plans should know there are some special assistance programs established just for these older people, so they must check whether any of the drugs used by them come under this program or not.

Find a Right Affordable Plan For You