Strategies to Reduce Prescription Drug Costs: 13 Practical Suggestions
In the quest to manage healthcare costs, prescription drugs can be a significant expense for many individuals. However, there are numerous strategies that can help both insured and uninsured people lower their prescription drug costs.
Using Prescription Discount Cards and Coupons
Programs like SingleCare, GoodRx, and RxSaver offer discounts of up to 80% off on prescription drugs. These cards are free and can help find pharmacies with the lowest prices. In some cases, paying out-of-pocket with a discount card can be cheaper than using insurance copays [1][2][3][4].
Comparing Pharmacy Prices
Prices for the same medication can vary widely between pharmacies. Checking prices online or calling local pharmacies can reveal substantial savings opportunities. Websites affiliated with discount programs make it easy to compare prices [1][2][4].
Choosing Generic or Alternative Drugs
Generic versions of brand-name drugs cost significantly less. Discussing alternatives with a healthcare provider can help reduce costs substantially [1][2][4][5].
Requesting Larger Supplies
Getting a 90-day supply instead of a 30-day supply often reduces the per-unit cost and saves on copayments or dispensing fees [1][4].
Exploring Patient Assistance Programs
Pharmaceutical companies and nonprofits offer assistance programs that help reduce costs or provide medications for free for qualifying patients [2][4].
Shopping at Accredited Online Pharmacies
Certified online pharmacies can sometimes offer lower prices, but they should be used cautiously to ensure safety [1].
Reassessing Insurance Plans
For insured individuals, choosing plans with better drug coverage or negotiating with insurers can help lower costs [1][4].
Seeking Assistance
For those unable to afford their prescription, considering applying for an assistance program from drug manufacturers, nonprofit organisations, or government programs may be beneficial [1]. Assistance programs typically require proof that the person seeking assistance needs a prescription medication to function and cannot afford the drug or have been denied insurance coverage.
Additional Resources
Medicare also offers a search tool to see whether a person's state offers a state pharmaceutical assistance program. Other tools, such as the Medicine Assistance Tool, help connect people with potential assistance programs depending on their eligibility. The Medicare Extra Help program provides information about Social Security assistance for prescriptions [2].
Remember, it's always important to talk with your doctor about possible medication alternatives and discuss whether lifestyle changes have improved your condition enough to warrant not taking the medication or taking a lower dosage than before.
By employing these strategies, individuals can effectively reduce prescription drug expenses and take a proactive approach to managing their healthcare costs.
[1] Healthcare.gov. (2021). Lower prescription drug costs. [online] Available at: https://www.healthcare.gov/blog/lower-prescription-drug-costs/
[2] Medicare.gov. (2021). Prescription drug coverage. [online] Available at: https://www.medicare.gov/what-medicare-covers/part-d/costs/prescription-drug-costs
[3] GoodRx. (2021). How to save money on prescriptions. [online] Available at: https://www.goodrx.com/blog/how-to-save-money-on-prescriptions/
[4] RxSaver. (2021). How to save money on prescriptions. [online] Available at: https://www.rxsaver.com/how-to-save-money-on-prescriptions
[5] Mayo Clinic. (2021). Prescription drugs: How to save money. [online] Available at: https://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/prescription-drugs/art-20047930
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