10 Ways to Save on Prescription Drug Costs

Indeed, medication costs are not affordable enough for most of the population in the U.S. The high price tags on drugs are impeding patients’ medicinal adherence. It’s also affecting their overall health and life. Primitively, it affects senior care the most, which requires long-term medication. Luckily, understanding the needs of today, several public and private companies are now offering aid to mitigate people’s financial agony. Now, financial assistance and multiple other resources are only one click away. The motive is to ensure a minimum to zero percentage of out-of-pocket expenses. But what are these strategies or resources? Let’s read on below!

Prefer Generic Drugs to Brand-names

People who want to save on prescription drug costs switch to generic alternatives. Generic drugs are similar to brand-name medicines but have yet to be approved by higher authorities. One can rely on them as they contain identical active ingredients and boast almost the same health benefits as brand names. You can search for generic options online and confirm them at the pharmacy or from your doctor. However, generic medicines are not always available for all brand-name drugs. If you are lucky enough to find one, rest assured you will save up to 30% to 80% on your medicinal bill.

Consult With Your Healthcare Provider

Communicate with your healthcare providers about your ongoing financial difficulty and ask if they could recommend some cost-saving resources. Physicians and staff often work closely with such patients to help decrease their expenses. Also, one must know that doctors are only sometimes aware of the drug costs. They usually prescribe medicines that some patients might not afford. Thus, you better talk it out beforehand with them. The right healthcare provider will immediately prescribe more generic drugs to help save your money. Moreover, doctors often have a stock of sample meds that are free of cost or may cost minimal. So, you can ask for them as well.

Turn to Patient Assistance Programs

Several pharmaceutical companies in the U.S. offer PAPs to aid people who can’t afford their medications. However, one must disclose proof of low income to enroll in the program. After that, you can choose from multiple PAPs on their website or talk with them directly. Besides, some independent institutions also offer a broad spectrum of these programs, including discount cards & coupons. The right provider will also help reduce your copays in case of an insurance plan.

Get a Drug Prescription Discount Card

Prescription discount cards are a win-win scenario, with or without insurance. This tool allows you to avail yourself of discounts on prescription bills up to 80% without spending a penny on card procurement and activation. It’s easy to obtain them online via authentic public or private websites. Various apps are also designed for this job as they are easier to navigate. Once you have it, visit any local pharmacy and take advantage of the benefits. However, the final cost cuts you may enjoy depend on the negotiation between the pharmaceutical company, Pharmacy Benefit Managers, and the pharmacist.

Indulge in Pharmacy Reward Programs

Plenty of pharmacies also provide reward programs to help save you on medicinal costs. Generally, it involves a signup process that leads you to accumulate points for redeeming discounts when needed. One can accumulate these points via simple steps like getting a flu shot or checking your BP at their store. However, one must reach out to only popular drug stores for these programs, as local pharmacies seldom offer such services.

Compare Prices at Different Pharmacies

Yes, the prices may vary from one store to another. But how do we know that? Compare the prices online via designated firms listing the pharmacies and their discount rates. These firms also have their apps supporting the service on smartphones. Thus, it would help if you also tried some of these apps. Or you can visit a few nearby stores and check for the best deals. Finally, as you have chosen the best store, purchase any medicines at the same place. It mitigates the chances of drug interactions, duplicity, and other issues.

Bulk Purchase of the Medication

As we know, bulk purchase is inversely related to the cost of drugs. So, the next time you visit your doctor, ask for a 90-day medication. This bulk prescription influences the pharmacists to negotiate better discount rates for your drugs. As a result, you save more. However, if you are a first-timer, try for a 30-day prescription to check if the medicines suit you. If they do, choose a 90-day drug plan for the next visit. Not to mention, one with insurance avails some other benefits, too, such as medicines delivered to the doorstep of your home.

Shop at a Preferred Pharmacy

All the programs, insurance, and discount providers pre-negotiate the discount rates with the preferred pharmacies. This negotiation settles at even lower prices than any other. Though you can avail yourself of the price cuts at limited stores, the effort is worth it.

Go Through Your Insurance Formulary

The insurance formulary contains information regarding drug coverages and their price categories. As you go through the formulary, you better understand your medicinal affordability. Just visit the insurance company’s website or talk with them over a call. The executives will unhesitantly direct you to the formulary and explain it clearly. This knowledge helps you decide what other financial assistance you might require to bridge loopholes in your insurance plan to avoid unnecessary out-of-pocket expenses.