Prescription drug costs have been on the rise with no sign of slowing down. Here are a few ways you can save.
Prescription drugs cost more in America than any other economically developed country in the world.
How much does that add up to? Roughly $1,376 annually per person, says the latest available data from the Organization for Economic Cooperation. And that number is only predicted to rise in the near future.
The Centers for Medicare and Medicaid Services, National Health Expenditure Projections, reports prescription drug costs will increase by more than 6 percent per year from 2020 to 2027.
With script costs trending upward, it’d be great to know how to save money on prescriptions.
1. Ask for generic drugs
Pharmaceutical companies often financially reward doctors if they prescribe their expensive drugs. For this reason, your doctor may try to prescribe you an expensive name-brand medication before offering a cheaper solution.
Make sure to ask about generic options or alternatives. You can also just be honest with your doctor and explain your financial situation. This way, they can help you get the best treatment while working with your budget.
2. Find a preferred pharmacy
Ask your insurance company for a list of preferred pharmacies. Insurance companies often partner with certain pharmacy chains to get lower prices for the people they cover.
Find out: Are You Missing Out on These 7 Ways to Save on Prescription Drugs?
3. See if you can split pills
If it’s safe to do so with your specific medication, get a higher dosage and cut the pills in half. Buy a real pill cutter instead of attempting the cut with a knife, though. You don’t want your meds to fly all over the kitchen.
4. Ask your doctor for prescription drug coupons
Occasionally, pharmaceutical companies will offer coupons for their name brands. Ask your doctor if they can give you any. You could also find some prescription discounts by searching online.
5. Find a prescription assistance program
There are a few different nonprofit organizations that assist people with their medication costs. The Partnership for Prescription Assistance, Patient Advocate Foundation, and NeedyMeds are all great options.
6. Call your insurance company
Different plans cover different medications. Talk to your insurance company and get an idea of the level of drugs you can afford. When in doubt about your coverage, call and ask — they might tell you how you can save money on your prescriptions. It’s always better to be safe than sorry.
Find out: 8 Strategies for Negotiating with the Hospital Billing Department.
7. Get medications by mail
When you order medications through the mail, you often get a few months of meds at a time with a discount. It’s convenient for you, and cheaper. Win-win! Some insurance companies have their own prescription mail services, as does Medicare. There are also plenty of independent companies that can help you get your medications through the mail.
8. Use prescription drug discount apps and cards
Prescription drug discount apps enable you to save big on your medications. The creators of apps like GoodRx, Blink Health, and WellRx set out to create solutions for the high healthcare costs that plague Americans. Read our reviews to discover the pros and cons of each and decide which one is best for you.
Published by Debt.com, LLC
