Best Ways to Save on Prescription Drug Costs With and Without Insurance
How many times have we heard the ol’ cliché about our health being our wealth? Never do those words ring truer than when we’re faced with a litany of doctors’ appointments and prescription refills.
Still, don’t take that sticker shock at face value. There are many ways to save on prescription drug costs. Often, it starts right there in the patient room at your doctor’s office.
There are also many platforms available online that you can leverage to your benefit. Also, local and state agencies, as well as nonprofits, exist to help people struggling to cover their medical bills. Let’s take a look at some of the most prominent options.
Ask About Generic Medications
This is one of the best ways to save money on prescription drugs because you go right to the source. Once you’ve been prescribed something, ask your doctor if there’s a cheaper alternative or a generic version. (You can also do your own research on this if, for some reason, you don’t trust your doctor.)
The truth is, doctors don’t always know the cost of the procedure they’re about to perform or the medication they’re about to prescribe. Often, they’re primarily focused on the treatment plan more than ways to save money on medicines.
It’s hard to make an argument against generic drugs when there are over 10,000 approved by the FDA. Sometimes, the cost savings for a generic drug can reach almost 85%.
Here are some other interesting facts: nine out of ten prescriptions are filled by generics. Also known as biosimilars, generic drugs saved patients and taxpayers nearly $408 billion in 2022.
If you struggle with asking questions or standing up for yourself, those statistics should let you know it’s perfectly fine to open the door on this conversation with your healthcare provider.
The Difference Between Brand Name and Generic
Let’s delve a little deeper. Why do generic drugs even exist? Why can’t each prescription just be that affordable and help us save on prescription drug costs from the get-go?
Generic drugs are, essentially, photocopies of the original. Once manufacturers understand the main ingredients in brand name drugs, they can replicate it into a new form.
That means all the initial testing on animals and humans is not required and a wealth of money is saved. Basically, the brand name drug footed the bill for the initial drug and the generic can come in and replicate it.
This doesn’t mean the generic formula is any less safe. In order for the generic version to be approved by the FDA, it still needs to pass a series of tests, including:
proof the active or main ingredient is the same
the strength is the same
it’s administered the same
it lasts for the same amount of time
There are even more safety checks in place. But, long story short, you can often place your hope in a generic formula just as much as the brand name variety when you’re seeking out new ways to save on prescription drugs.
Ask About a 90-Day Supply
If the medication you’ve been prescribed is something you’ll need to take long-term, ask your doctor about a 30- or 90-day supply. While it will feel like a hefty fee upfront, if you have some form of savings, this might be a nice time to use it.
It’s sort of like buying in bulk at Costco. The more you purchase upfront, the more you’ll save money on prescription drugs. Many folks who are on maintenance medications tend to buy 30- or 90-day supplies in order to see some cost savings.
Set Up a Pretax Health Savings Account
The last tip might beg the question, “Who has savings these days?” If you have health insurance through your employer, you may be able to set up a health savings plan (HSA) or flexible spending account (FSA). Indeed, this is one of the best ways to save on prescriptions with insurance.
Each option sets up an account where you can deposit pre-tax dollars. So, when you figure a substantial percentage of our income is taken away via taxes, these dollars are untouched by Uncle Sam.
The Difference Between HSA and FSA
While there are a few subtle differences between these two health savings accounts, it’s worth pointing out the biggest difference: typically, you can roll over HSAs, but not FSAs.
If you’d like to allot a certain amount, say, for maintenance prescriptions, an FSA might be a nice option for you. HSAs, however, allow you to save month over month for medical-related expenses so you can watch a nice little nest egg develop.
Start with your employer. See if they offer these benefits. Then, you can call the health insurance provider and take it from there.
Find Out Who Your Preferred Pharmacies Are
While you’re on the phone with your health insurance company, ask them how you can figure out who their preferred pharmacies are. This is sometimes referred to as a network pharmacy.
In the end, though, this will help you uncover the cheapest pharmacy to fill prescriptions with insurance.
Insurance companies negotiate deals with various pharmacies that result in lower prices for certain drugs at different pharmacies.
So, what may be offered at WalMart or Target may not be the same as your local grocery store. Once you understand who has negotiated the best deal, you can start filling your prescriptions there.
Look for Manufacturer Coupons
The first place to look for manufacturer coupons is right on the drug company’s website. You may have to enroll in their patient assistant program (which we’re about to discuss). But, it may be worth your while when you need to save on your prescription medications.
Otherwise, prescription discount card websites may also be your ticket to freedom. And, of course, we’re about to dive into those options, as well.
Enroll In Patient Assistant Programs
Patient assistant programs (PAPs) are designed to help people without health insurance, or those faced with lofty medical bills that they simply cannot afford. In truth, this is one of the best ways to save on prescriptions without insurance.
If you can’t secure the generic form of the medication you’ve been prescribed, go to the drugmaker’s website. Sometimes, they offer these programs right on their website.
Alternatively, you may find state-funded programs in your area or other nonprofit agencies who make it their mission to help people find affordable prescription drugs.
When you apply, you’ll need to provide proof of income and other forms of documentation. But, it’s well worth a try if you find yourself in a financial bind.
Research Online Prescription Delivery Services
Prescription delivery services exist everywhere nowadays to reduce patients’ prescription drug costs. The biggest behemoth of all, Amazon, has their own service. Other competitors include:
Costco
CostPlusDrugs
HealthWarehouse
HoneybeeHealth
Scriptco
These sites often have monthly subscription fees. But, even still, they may offer prescription discounts that make them worthwhile.
Download Apps to Compare Prices
GoodRx has a fabulous online presence. They certainly know how to market a product. Essentially, you register for an account, and input your prescriptions and the dosage amount. Then, they provide you a digital coupon that you can take to your preferred pharmacy.
You guessed it: there are generally subscription rates for these sorts of apps, as well. But, again, take out your calculator to see if, when weighed in the balance, you still come out on top and get help with prescription costs.
Other competitors for GoodRx include:
The Pioneer
Blink
RxSaver
SingleCare
Pharmacy Checker
WebMDRx
This is a growing and competitive market. So, be sure to use it to your advantage!
Speak to a Naturopathic Doctor
What about a world where you don’t have to pop pills and ingest chemicals that help one area, but harm another? It’s a fascinating prospect, isn’t it?
Of course, no one in their right mind will tell you to stop taking your prescription medicine and just go “all in” with naturopathic medicine. You’d have to take a much wiser approach to this. Keep fighting the good fight with your current course of treatment, especially if it’s working.
But, if you’re curious, do some online research for naturopaths in your area. You do hear success stories from people who changed their diets and lifestyles and saw amazing recoveries.
Perhaps there are natural herbs and supplements that can aid with things like arthritis or allergies. Learn as much as you can about what to expect at your first naturopathic doctor visit.
Naturopathic doctors are known to search out the root cause of a problem to prevent it, instead of just masking or treating a recurring problem. So, in a way it’s more about education and preventative measures.
Perhaps pairing the two courses of action together could offer a viable solution. Still, for every new vitamin or supplement you take, you must run it past your primary healthcare provider to ensure there will be no adverse reactions between the two.
Multiple Ways to Save on Prescription Drug Costs
There’s no doubt it’s a bit of a task, trying to find new ways to save on prescription drug costs. It takes a bit of legwork to look for coupons, apply for PAPs, and price check apps and delivery services.
Still, when you find your golden ticket, it could pay itself forward for months and months. We wish you all the best on your health journey and maybe even an eventuality where you never need to pop another pill again!
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