Access to affordable healthcare and prescription drugs is an ongoing problem that affects a significant number of the American population. Given that 60% of adults take at least one medication, with 25% needing a minimum of four, the current healthcare crisis is putting people’s lives at risk.
The rise in healthcare costs doesn’t appear to be slowing down anytime soon. All the while, people face a lack of access when they need doctors the most. Cutting prescription costs isn’t just a “nice-to-have” option anymore—it’s a life-saving necessity.
That’s not to say there aren’t options. Matthew Herfield, co-founder and CEO of BuzzRx, wants people to know how to lower their prescription costs.
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Leverage Prescription Discount Cards
For uninsured and underinsured people, prescription discount cards can make the difference between affording medication and walking away from the pharmacy counter empty-handed.
Herfield explained how BuzzRx works: The app and website allow users to compare prices and discounts between each major pharmacy chain by dosage, name, and quantity to find the best deals. BuzzRx users can then present the discount codes when they pick up their prescriptions to take advantage of the deals.
Herfield noted, “We’ve helped consumers save an average of 60% per prescription at over 60,000 pharmacies nationwide.” He added, “With our free, pre-activated, and ready-to-use card or app, you’ll never have to pay full price for your prescription medications again.”
Sometimes, BuzzRx prices are even cheaper than insurance costs, though the deals can’t be combined. Customers should always go with the best price.
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Look for Generic or Biosimilar Options Offered By Insurers
Usually, brand-name and generic brands are the same quality, use the same ingredients, and are just as effective. Avoiding name brands can often save customers a significant amount of money. Some standard generic prescription options include medications for cholesterol, blood pressure, and birth control—which make up nine out of every 10 U.S. prescriptions.
According to the 2021 U.S. Generic and Biosimilar Medicines Savings report, the average co-pay for generic meds is $6.61, which costs nearly five times less than the $55.82 average brand-name co-pay.
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Shop Around to Compare Pharmacy Prices
Many factors go into medication costs, which leads to price differences between pharmacies. Using online tools and apps to compare costs at different pharmacies can help customers find the most affordable prescription options while adding transparency to the purchasing process.
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Consider Purchasing a 90-Day Supply
Patients may not realize that buying in bulk is often a cost-cutting option for long-term prescriptions. Herfield explained that 90-day supplies are often cheaper per dose, as it cuts overhead costs. Doctors must sign off on 90-day prescriptions, so talking to a healthcare provider first is important.
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Monitor Prescription Drug Formularies
Getting to know insurance providers’ preferred medications is a great way to track prescription costs. Herfield said, “It’s smart to keep track of any changes to your insurance’s formulary. This way, you won’t be caught off guard by sudden price hikes if a drug you use is moved to a higher price tier or dropped from the list.”
Patients can also ask pharmacists about manufacturer rebates, seasonal promotions, and pharmaceutical assistance programs that could further reduce costs.
Herfield stressed the importance of maintaining a good dynamic with local pharmacists. “Never underestimate the value of building a good relationship with your pharmacist. They are often eager to help patients manage costs through savings programs.”
Pharmacists are also aware of therapeutic alternatives or over-the-counter options that may be more cost-effective than pricey prescriptions.
Simple Strategies for Smart Savings
Getting started with prescription cost analysis can seem intimidating, but utilizing these tools gives patients some power in an industry where customers often feel powerless.
Employing some of these tactics allows customers to manage healthcare expenses more efficiently and helps them access essential care without straining finances. These tips can help patients make strides toward a healthier and more financially sustainable prescription experience.
