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BudgetRx: 4 Tips for Cutting the Cost of Prescription Drugs

November 15, 2018

The U.S. pharmaceutical market was valued at more than $440 billion in 2016. In other words, it’s a massive industry.

As part of this, many consumers are paying lots of money for their prescriptions. And often, this causes financial strain and pressure.

The good news, however, is that there are certain things you can do to cut the cost of prescription drugs. Here, we’ve compiled 4 great ways to do so. Check them out below!

Shop Around

First and foremost, compare drug prices at multiple pharmacies. Did you know that they often charge different prices?

Contact various pharmacies in your area and get quotes. Also, get in touch with pharmacies at supermarkets and mail-order pharmacies.

Even different stores of the same chain, like Walgreens or CVS, for example, often charge different prices. Doing some research can pay off in a big way for you financially.

Check the Cash Price

Next, also verify that the insured price is lower than the cash price. It’s surprising, but frequently you can get drugs cheaper when you pay with cash than with insurance.

Always ask the pharmacist what the two prices would be and go with the better one. Often times, your copay costs more than the drug itself.

A little due diligence can go a long way in this regard! There are great resources available to help with medical insurance.

Find Patient Assistance Programs to Lower the Cost of Prescription Drugs

Another option you have is to look for patient assistance programs. Start by talking with your doctor. They’ll let you know if these types of programs exist for your specific medication.

These often come in the form of assistance programs or manufacturer’s coupons.

You can also find them by doing a simple online search. Type the name of your prescription and “patient assistance.” This will pull of a list of potential programs you can investigate.

Keep in mind, however, that if you’re on Medicare or Medicaid, these coupons or programs generally can’t be applied.

However, for people with private insurance, this can be a great option.

Find a Generic Option

Last but not least, see if there’s a generic version of your drug. The good news is that 89% of prescriptions distributed in 2016 were generic.

And what’s great about that is that these usually cost only a fraction of the name-brand medications. When you’re with your doctor, ask them if you’re allowed to take the generic version. If you are, make sure they mark that on the prescription.

Do some research before your appointment to see if a generic version is on the market. There’s a specific time limit that drug companies have before generics can be created, so they’re not available for every medication.

Final Thoughts

Now that you’ve gone through these ways to lower the cost of prescription drugs, it’s time to take action. Pick the ideas that will work best for you and try them out.

If you have any questions, get in touch with us today. We’re happy to help!