Lowering Out-O-Pocket Healthcare Costs

How to Save Money on Prescriptions

Over three in four adults in the United States believe prescription drug costs are unaffordable, and the average American spends around $1,300 per year on them. While costs are high, there are ways consumers can cut costs. To save money on medications, you should consider:

  • Comparing prices. Drug prices vary by store and location. Typically, small and independent pharmacies tend to be less expensive than large chains. Additionally, there are online tools you can use, like goodrx.com, to compare prices by pharmacy in order to locate the best offerings.
  • Paying with cash. Speak with your pharmacist regarding whether using your insurance is more or less costly than paying with cash.
  • Using a preferred pharmacy. When you stay in-network, you typically experience lower copayments.
  • Substituting drugs. Upon request, physicians may be able to prescribe cheaper alternatives.
  • Buying prescription drugs in bulk. Purchasing in large quantities can reduce the per-dose cost. 90-day supplies can save you money when compared to a 30-day supply.
  • Using mail-order pharmacies. Mail-order and internet pharmacies commonly offer deals on prescriptions. The prescription drugs will be delivered to your home, saving you time in addition to money.
  • Splitting pills. If pill splitting is approved for your specific medication by the Food and Drug Administration (FDA), then you can save money by obtaining half as many pills at a higher strength. Be sure to consult with your physician to determine if pill splitting is the right choice for you.
  • Using over-the-counter drugs. In some cases, over-counter-drugs are just as effective as prescription drugs. Your primary care provider will be able to inform you on available options.
  • Switching to generic drugs. Generic medications are usually just as effective and less costly than name brands regardless of whether it’s prescription or over-the-counter.
  • Using drug assistance programs. These programs are offered by some states and drug companies for the elderly, low-income, or those with disabilities. Determine your eligibility and if any of the programs are applicable.
  • Asking for a drug sample. Thousands of samples from drug companies are given to physicians. You may inquire with your primary care provider about obtaining a small sample of medication at no charge.
  • Using a discount card. Some drug store chains and national plans offer discount prescription cards. You can acquire the card at a small monthly or annual fee to receive additional cost savings.
  • Utilizing Cost Plus Drugs. You can find generic drugs at lowered prices when you visit costplusdrugs.com.
  • Utilizing GoodRx. In addition to being a helpful cost comparison tool, goodrx.com offers easy-to-use coupons.
  • Using SingleCare. Select pharmacies and singlecare.com work together to offer cheaper prescription prices. Free of charge, consumers can use SingleCare coupon cards at participating pharmacies.

Options are available to individuals interested in saving money when purchasing prescription drugs. Be sure to consult your physician or pharmacist when necessary.