Slash Your Prescription Drug Costs

If you regularly take prescription drugs, you no doubt appreciate how they can benefit your health—and how their ongoing costs can quickly become a financial burden. Fortunately, there are numerous strategies and resources that may help you reduce your expenses. With this guide, you can take a more budget-friendly approach to your well-being without compromising your care.

Get to know your insurance

Educating yourself about your health plan’s prescription drug coverage—whether it’s through your employer, Medicare, or a private insurer—is a good first step. Consult the drug formulary, or list of covered medications, on your insurer’s website to verify what is included along with your out-of-pocket costs. Some plans, such as the CHAMP Plan, don’t require a copay for many commonly prescribed drugs. In contrast, others use a tiered system that charges less for medications on lower tiers and more for those on higher ones.

While on your insurer’s website, also check whether it lists any preferred pharmacies. (Not all companies do so.) Filling your prescription with one of these partners may allow you to get your medications at a reduced price.

Work with your doctor

Your doctor can be a valuable ally in managing your prescription costs, working with you to explore cost-saving options as needed. For example, if you’re denied coverage for a medication, they may be able to provide a supporting statement confirming its medical necessity, influencing your insurer to reverse its decision. Additionally, discuss with your doctor whether there is a lower-cost alternative, including a generic version (more on that below) or a nondrug option. Though not effective in every situation, lifestyle modifications such as regular exercise or dietary changes may help manage certain conditions without relying on medication.

If you’ve been taking the same prescriptions for a while, consider asking your physician to conduct a medication review at your next visit, which could reveal several cost-saving opportunities. You may be able to switch from a pill to a lower-cost capsule, cream, or ointment, or a lower dose (at a lower price) might be sufficient. You might even find that you can drop certain drugs from your health plan altogether.

Choose generics or buy in bulk

Doctors may sometimes prescribe a specific medication that can’t be swapped, but in many cases, a generic version can be just as effective. Regulated by the FDA, these drugs contain the same active ingredients and are as equally safe as their brand-name counterparts while also being up to 85 percent cheaper. As noted earlier, simply discuss this option with your doctor as an alternative to a pricier med to reduce your costs; your pharmacist may also be able to make this substitution for you.

For prescriptions you aren’t able to change, investigate whether you can purchase them in bulk, such as in a ninety-day supply. It will generally cost you more up front, but you may save money per pill. You will need to check with your doctor or insurer about whether you can purchase more than a month’s supply at once, though, since not all will allow it.

Compare pharmacy prices

Exploring different pharmacies can further stretch your budget since prices can potentially differ significantly depending on where you go. If your insurer has a list of preferred pharmacies, start with those, but also feel free to shop around at other local ones in case they happen to be cheaper. Online pharmacies like Amazon Pharmacy and Sesame are other good potential options, as long as you take care to only buy from reputable sources; you can use the Safe Site Search Tool at safe.pharmacy to vet any you are considering using. And keep in mind that some online pharmacies have membership fees, so factor in those when calculating your expected costs.

Explore discount sites

Online discount programs offered by sites like GoodRx, NeedyMeds, and SingleCare can sometimes allow you to get your meds for less than you would through your Medicare or insurance coverage. For example, on GoodRx, you can enter your zip code to find participating pharmacies with discounted prices for a medication that might be lower than your insurance copay. You can then simply print the coupon and bring it to the pharmacy for your discount. Some of these sites also offer mobile apps for greater convenience.

Seek financial assistance

Another helpful option is looking into whether your medication’s manufacturer offers a Patient Assistance Program (PAP), which may allow you to get your prescription at a reduced price or even for free. You can search the directory on the NeedyMeds website to see if there’s a PAP available to you. Many states also offer similar programs called State Pharmaceutical Assistance Programs (SPAPs), though you’ll want to check the eligibility requirements since they may vary.

In addition, if your health coverage is through a private insurer (and not through Medicare), you can use NeedyMeds to see whether the manufacturer of the prescription you require offers a copay card. This type of savings program can lower costs for certain meds, typically brand-name ones without generic alternatives.

Health care can be costly, but by following these tips, you can reduce the financial burden of your prescription medications. Reach out to your insurance professional to discuss your coverage and discover more ways to save, and always remember to consult with your doctor before making changes to your medication regimen.