Estimated Monthly Savings: $75
Prescription drugs are expensive â€” with or without health insurance. However, you don’t need to blindly accept a high price tag. There are ways to drive down the cost of your medicine. Here areÂ seven tips for saving money on prescriptions.
- Talk to your physician and pharmacist. Remember, it’s OK to ask for help. In fact, it’s a great place to start. Your physician can suggest cheaper, but equally effective alternativesÂ by brand or dose, while your pharmacist canÂ provide a discount or identify an assistance program you’re eligible for, among other things.
- Go generic. Per the U.S. Food & Drug Administration, a generic drug costs, on average, 80% to 85% less than its brand-name counterpart. Plus, research shows they’re generally as effective as the original. The FDA maintains strict standards when it comes to approving generic drugs, but if you’re wary ofÂ foregoingÂ a brand-name medicine, again, talk to your physician. Chances are, they’ll assuage yourÂ fears.
- Ask your doctor for samples. This request can prove particularly helpful if you’re trying to determineÂ whether a brand-name prescription works better for you â€” orÂ ifÂ the genericÂ hasn’t hit the market yet.
- Comparison-shop. Believe it or not, prescription drug prices vary widely from pharmacy to pharmacy, so before you decide where to take your business, do a little research. Several websites and apps aggregate how many popular chains charge for certain drugsÂ to help youÂ find the best deal.
- Use a preferred pharmacy. Some health insurance providers haveÂ “preferred” chains that will chargeÂ patients a lower co-pay on certain medications. Call your insurer directly to inquire what places and prescriptions are eligible.
- Search for coupons. There’s a good chance you’ll find a coupon or code online that can significantly lowerÂ a prescription’s price. InÂ fact, the aforementioned websites andÂ apps that help you comparison-shopÂ also oftenÂ flag manufacturer’sÂ coupons.Â Those couponsÂ sometimes appear on the drug company’s website as well.
- Order a 90-day supply. Yes, buying in bulk can save you on medication, too. A 90-day supply of pills often costs less than the standard 30-day supply, particularly when you’re shopping at a community pharmacy or looking into mail-order prescriptions. Just be sure to vet any service you’re thinking of using thoroughly before ordering pills online. There are certainly untrustworthy vendors out there.
You can find more ways to save on your monthly expenses by visiting our blog.