Americans spend around $1,200 on prescription drugs every year. That’s a lot of money!
People dread the day they’ll have to endure illness and discomfort because they can’t afford medication.
When you are sick or in pain, the last thing you need is financial strain.
The good news is, there are a few practical ways to reduce the amount you spend on medication.
Below are 5 strategies that you can use to save money on prescriptions.
Tips to Save Money on Prescriptions
1. Generic Alternatives
Many brand name drugs have a generic alternative available.
Brand name drugs are more expensive as the manufacturer had to spend money researching and developing the drug. Once the patent expires for the drug, other companies can start producing the same medication. These companies don’t have to spend as much money on research, so the medication is cheaper.
Competition between companies also drives down the price of these generic alternatives.
Ask your doctor to write you a prescription for the generic version of your medication. Your pharmacists will also be able to advise you on how to save on prescriptions.
2. Buy in Bulk
If you are on chronic medication or have a repeat prescription, it is often cheaper to ask for a 90 day supply.
A 90 day supply, instead of the more common 30 day supply, saves money by reducing the number of co-payments made. It also saves time as you don’t have to visit the pharmacy as often.
Be sure to mention this idea to your doctor to save on prescription costs.
3. Compare Prices
Not all pharmacies charge the same price for medication. It is worthwhile calling different pharmacies to compare offerings. Big-box retailers are often cheaper than smaller, independent pharmacies.
Alternatively, you can search for your prescription on SingleCare.com to compare prices from pharmacies in your area.
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Insurance copays can drive up the price of the medication. Sometimes, paying cash for your medication is cheaper than using your insurance. Enquire about the cost of the medication without insurance so that you can make an informed decision.
4. Coupons and Discounts
Online coupons, such as PricePro Pharmacy Coupons, can help ease the pressure on your wallet and make prescriptions more affordable.
Read your offer carefully, as coupons often have specific uses. Some may be for a specific chain of pharmacies, others might be for online use only. Many pharmaceutical coupons exclude medications such as opioids.
5. Financial Assistance
Patient Assistance Programs offer financial aid to people who need medication but can’t afford it.
These programs are offered by various providers, such as government or state initiatives, drug manufacturers, and non-profit organizations. Many of these programs require you to demonstrate financial need or exclusion from insurance.
Pharmacies also have their own in-house assistance programs and low-cost prescriptions for certain medications. Enquire at your local pharmacy for more information.
Saving Money on Prescriptions Is the Best Medicine
You don’t have to spend all your hard-earned money on prescription medication anymore. Implement some of the tips above to save money on prescriptions and reduce financial stress.
Did you find this useful? Read through our other health articles for more helpful advice.
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