If you’re caring for a loved one, friend, or even from your own experience, you know that prescription medicine prices can take your breath away. Often, hearing the total cost at the pharmacy can be discouraging and stretch already tight budgets to the limit. Thankfully, ways to save money on prescription medications do exist.
Please note that the following article is for informational purposes only. It is not medical advice. Please consult a licensed medical professional.
Ask The Doctor About Generic Drug Options
Doctors are experts in their fields, but don’t always know about the specific price differences between name brand and generic drugs based upon an individual’s insurance situation. Next time that you are at the doctor with the person that you are caring for, ask the doctor if generic options are available for prescribed brand name medicines.
Comparison Shop Between Pharmacies
Did you know that medication prices can vary considerably between pharmacies? The same prescription may cost $25 at one pharmacy and $50 at a nearby competitor. Check out prescription savings apps such as GoodRX, SingleCare, and RXSaver.
Also, if your care recipient has a Costco or Sam’s Club membership, or Amazon Prime Membership (Amazon Pharmacy) check out their websites for price offerings and any special programs.
Check Out Any Mail-Order Pharmacy Options Your Insurer Offers
Also, some pharmacies give discounts on multi-month prescriptions for medicines taken regularly such as for cholesterol and blood pressure. Check out whether your insurer offers a mail-order pharmacy service. These services often offer deep discounts on 90-day supplies and deliver them right to your loved ones residence.
Look Into Patient Assistance Programs
If the person that you are caring for is on a brand-name medication that does not have a generic equivalent, look up the drug manufacturer online. Many major pharmaceutical companies have Patient Assistance Programs centered around certain income requirements. There are also some separate nonprofits such as the Partnership for Prescription Assistance (PPA) that can help guide you to resources for free.
Review Insurance Coverage Each Year
Whether your loved one is enrolled in private insurance or another plan such as Medicare, review any changes to the plan each year. Allowed drugs, premiums, and copays change regular. What was best last year, may not be this year. If possible, work with your loved one and an insurance expert during insurance open enrollment periods to review available plans and the medicines that they cover. You may find ways to save significantly.
Frequently Asked Questions (FAQs) About How To Save Money on Prescription Medications
Can I Use A Prescription Discount Card If I Have Insurance?
In many cases, yes. However, you typically cannot use both your insurance and a discount card for the same purchase. The good news is that you can compare both prices and choose whichever offers the greater savings.
Why Do Prescription Prices Vary So Much Between Pharmacies?
Pharmacies negotiate different prices with manufacturers, wholesalers, and insurance companies. As a result, the exact same medication can have very different prices depending on where you fill the prescription. Comparing prices before purchasing can often lead to significant savings.
Is A 90-Day Prescription Always Cheaper Than A 30-Day Prescription?
Not always, but often. Many insurance plans offer reduced copays for 90-day supplies of maintenance medications. In addition to the possible savings, a larger supply means less trips to the pharmacy.
Is It Safe To Buy Medications Online?
It can be, but one should use only licensed and reputable pharmacies that require a valid prescription and are properly accredited. If a website offers prescription medications without a prescription or prices seem too good to be true, proceed with caution. Talk to your healthcare provider before proceeding.
Are Extra Savings Programs For Seniors On Medicare Available?
If your loved one is on Medicare, look into a federal program called Extra Help (also known as the Low-Income Subsidy). If he or she qualifies based on income and resources, it can help pay for their Part D premium, deductibles, and co-payments. The application can be found on the Social Security Administration’s website
For more helpful Caregiving Resources, check out the Caregiving Tips and Tools Guidebook
