Ensuring access to affordable healthcare, particularly prescription drugs, is paramount for safeguarding the overall well-being of Americans. A staggering 60% of adults rely on at least one prescription medication, with 25% managing four or more. Yet, far too many people face daunting obstacles in affording these vital medications.
As healthcare costs continue to rise and access to doctors plummets, finding ways to save on prescription medications is not just a “nice-to-have” but a “need-to-have.” For most, the pharmacy feels like the last hurdle in the healthcare marathon — where prices seem fixed and options are limited.
However, several strategies can help you save a lot of money on your medication. Matthew Herfield, Co-founder and CEO of BuzzRx, shared some expert tips on how to effectively cut down your pharmacy bills.
- Leverage Prescription Discount Cards
Prescription discount cards are an excellent tool for anyone looking to save, particularly if you are uninsured or underinsured. “BuzzRx users can compare discounted prices by pharmacy chain and find instant savings on the website or app. We’ve helped consumers save an average of 60% per prescription at over 60,000 pharmacies nationwide,” Herfield states. “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.”
It’s a simple process.
To find savings on the BuzzRx website or mobile app, search for your medication by drug name, dosage and quantity. Then select the best price from a nearby participating pharmacy. Show the BuzzRx discount codes to your pharmacist every time you fill or refill a prescription, and instantly receive a discount on your purchase. Regular use of a discount card like BuzzRx can lead to substantial savings over time, making this an essential tool in your cost-saving arsenal.
If you have insurance, ask your pharmacist to compare your insurance price to the discounted price so you always pay the lower amount. Discount cards and coupons cannot be combined with insurance. They can be used instead when the discounted price is lower than the copay, when medication is not covered by insurance or if there is a pre-approval process (waiting period) and the customer has an immediate need for the medication.
- Look for Generic or Biosimilar Options Offered By Your Insurer
One of the simplest ways to cut down on medication expenses is by opting for generic or biosimilar options provided by your insurance. These alternatives are often just as effective as their brand-name counterparts. The key difference for consumers lies in cost.
“Generics use the same active ingredients and must meet the same quality standards as brand-name drugs,” Herfield explains. “Though the price difference is stark, they offer the same benefits.”
Today, numerous generic medications offer alternatives to common prescriptions, such as those for cholesterol, blood pressure and birth control. Generics make up nine out of every 10 prescriptions in the United States.
According to the 2021 U.S. Generic and Biosimilar Medicines Savings report, the average copay for generics is $6.61, notably lower than the $55.82 average copay for brand-name drugs.
This substantial price gap stems from generics being cheaper to produce without the expenses related to brand-name advertising and development. By simply requesting your doctor prescribe a generic version, you can enjoy the same health benefits while saving money with each refill.
- Shop Around to Compare Pharmacy Prices
Prices for the same medication can vary widely between pharmacies due to different pricing policies and local competition. “Consumers often don’t realize that the cost of a medication can vary significantly, even between pharmacies just across the street from each other,” Herfield remarks.
Using online tools and apps to compare costs at different pharmacies can help you find the most affordable option for your prescriptions, while also adding a layer of transparency to the purchasing process.
- Consider Purchasing a 90-Day Supply
For long-term medications, buying in bulk can be a big prescription money saver.
In fact, Herfield says that purchasing a 90-day supply of medication is often cheaper per dose than buying a 30-day supply. This method not only lowers the pharmacy’s overhead costs per transaction, which in turn lowers the price for you, but it also reduces your visits to the pharmacy, saving you both time and transportation costs.
It’s wise to discuss the possibility of a 90-day prescription with your healthcare provider, especially for medications you use regularly.
- Monitor Prescription Drug Formularies
Insurance providers often have formularies or lists of preferred medications that they cover more substantially. “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,” explains Herfield.
Staying informed allows you to discuss alternatives with your healthcare provider proactively so you can always get the best deal on your treatment. Your pharmacist can also inform you about manufacturer rebates, seasonal promotions and pharmaceutical assistance programs that might further reduce your costs.
“Never underestimate the value of building a good relationship with your pharmacist. They are often eager to help patients manage costs through savings programs,” Herfield advises. Additionally, pharmacists can offer advice on therapeutic alternatives or over-the-counter options that may be more cost-effective than your prescribed medications.
Simple Strategies for Smart Savings
While the cost of prescription medications can be intimidating, several strategies can ease the financial burden. Whether you opt for generic options or prescription discount services, these tips are simple and proven to help you save money.
Incorporating these suggestions not only enables you to manage healthcare expenses more efficiently, but also ensures access to essential care without straining your finances. The next time you’re at the pharmacy, use these tips to make strides toward a healthier, more sustainable financial trajectory.
