According to the Organization for Economic Cooperation and Development (OECD), Americans spend about $1,200 on prescription drugs each year. Paying for medical care and prescription medication can put a significant dent in a family’s finances.
Any way you can reduce your overall medication costs can be a huge help. Here are some tips on saving money on your prescription medication.
Tip One: Visit a Pharmacy in a Big Box Store
Large department stores and retailers like Costco and Walmart have pharmacies that offer prescription medications that are often much cheaper than your average drug store. Look up the list of medications that your particular big box store of choice offers, and consider shopping there to save big on your pharmaceuticals.
Tip Two: Opt For Generic Brands
There is a misconception that brand name medications are superior to generic brands, and they’re priced as such. However, there’s no difference in the actual active ingredients between brand name products and generic ones; you’re paying more for just the brand name. Instead, generic medications offer you the same goods at a much lower price. Always ask your physician if a generic brand is available, and if so, consider taking that route to save.
Tip Three: Ask For a Longer-Term Supply
If you have a prescription plan, rather than just getting a 30-supply of your prescription medication, ask for a 90-day supply instead so you can make just one co-pay every three months instead of one every month. Even if you do not have a prescription plan, buying in bulk can potentially save you money as well. Bonus: most programs offer a 90-day supply for the price of a 60-day!
Tip Four: Apply for Assistance
Several prescription assistance programs exist to help ease the financial burden of paying for prescription medication, so look into one that may be available in your jurisdiction or state. Keep in mind that these programs usually have income requirements, so you may have to prove that you earn under a certain amount to qualify.
Tip Five: Comparison Shop
Much like you may shop around for a consumer product like an appliance or a pair of jeans to find the best prices, you may also want to do the same with your prescription medication. Different pharmacies may offer drastically different prices on their drugs, so it’s well worth it to look around before calling in a prescription. You can call around to avoid pounding the pavement, or you can even use one of the many apps available that do the comparison shopping for you.
Tip Six: Join a Health Share Program
Being a member of a health share program can provide you with assistance to cover your medical costs, including prescription medication. With the cost of medical care and medications rising, having access to a pool of funds to subsidize the cost of prescription drugs can be a huge help. At USHealthshare, you can choose from a variety of comprehensive health share programs, many of which offer a range of prescription benefits.
Get in touch with a representative at USHealthshare to discuss our plans.