How To Save Money On Prescription Medications

how to save money on prescription medications

On average, Americans spend more than $1,200 on branded prescription drugs every year. If you’re in the US, you’ve probably felt the pinch of ridiculously priced prescribed drugs. Patients in the U.S. spend more money on prescriptions than any other country after all. For healthy Americans, the issue of affordable medications might not be much of a concern… at least not until inevitable illness strikes. 

However, most adults with chronic illnesses often have a hard time getting their prescription medicines now and then. If you are part of this statistic, you are probably asking yourself, ‘How can I save money on my prescriptions?’ The good news is that you’ve come to the right place to cut the costs of your RX meds. 

Here are the best tips on how to save money on prescriptions. 

Compare Prescription Prices 

Prescription prices differ between companies. Before purchasing your prescription, search for companies with competitive offers. You’ll be surprised to save half of the amount you’d have spent on the first pharmacy. 

Some pharmacies get their drugs directly from the manufacturers, while others use intermediaries, which play a role in driving prices up. You can check out some of the pharmacies near you to compare the prices before purchasing. Most pharmacies inflate most medications, and shopping around will enable you to get the best offers. 

With the advent of technology, you’re not limited to local pharmacies. You can compare the cost of your prescription drugs on various sites to find the best price. These services will compare the prices for your drugs and may offer coupons to lower the charges you’ll incur on the drugs. 

Shop Online 

The growth of e-commerce sites has made it easier for consumers to get any products at reasonable prices. If you have been shopping for clothes and kitchen wares online, what stops you from getting drugs in online stores? Aside from the convenience of online shopping, you’re likely to get low-cost alternatives. 

When shopping online, opt for accredited pharmacies. The last thing you want is to get counterfeits as it will make you incur more than what you were hoping to save. You can visit a variety of reputable sites to access thousands of medications from credible pharmacies in Canada, the United Kingdom, New Zealand, and Australia. 

Consider Generics 

The question ‘how can I save money on my prescriptions?’ is more common among patients who have been using brand names religiously. Brand-name drugs are quite expensive, probably due to the complexity of the drug development process. You can opt for generics to save some dollars. 

Drugs, whether brand-name or generics have similar active ingredients. They will treat your condition with the same efficacy. 

The only difference is that the generic will cost you less. The generic drug market in the US grew by a CAGR of 12% between the last 8 years. It is projected to raise more than $688 billion within the next four years. Americans increasingly realize they can save on meds by buying generics, and you shouldn’t be left behind. 

Get Larger Drug Supplies 

For patients taking long-term medication, the typical supply is usually 30 days. However, you can consider a 90-day drug supply, which will mean that you only make one copay for three months. Bulk buying will help you save significantly on your prescription drugs. 

Purchasing large supplies will also save you time and money, especially if your pharmacy is not within your locality. You’ll also save on mail orders as the package will serve you for a while before making another order. With bulk buying, ensure that the expiry dates are not within the 90 days. 

Apply For Assistance 

You can get a range of prescription assistance programs to support your medication if you can’t afford it. The programs are usually from nonprofits, governments, and drug manufacturers. You’ll need to meet some requirements for you to be eligible for this assistance. 

Some of the assistance programs you can check out include Partnership for Prescription Assistance and Needy Meds. Also, the Medicare Extra Help and other state assistance programs can help you save. You can check their websites to confirm whether you qualify for the benefits. 

Alternatively, you can reach out to the manufacturers of the drugs to check if they have rebates. The website is a good place to start as you can see if there are any listed offers. It won’t hurt to write to the manufacturer requesting a discount! 

Get Mail Orders 

Did you know that a pharmacy’s overhead expenses are on you if you pick monthly prescriptions from your local pharmacy? With mail-order pharmacies, you won’t incur the overhead expenses. The cost of your prescription drugs will reduce considerably. 

What’s more, you’ll save yourself the hassle of going back and forth to your local pharmacy. Mail orders are delivered right on your doorstep. All you need to do is search for a licensed pharmacy online that delivers to your state. 

You might want to confirm with your insurance company the mail-order pharmacies they recommend. A credible mail-order pharmacy should have the right licensure and VIPPS certification. They should also require a prescription to sell you the drugs.

Look for reputable mail-order pharmacies on Pharmacy Checker. You’ll get any drugs you want at lower prices. 

Update Your Medicare Plan 

Your Medicare plan determines your deductibles, your copay, and the covered drugs. It would help to upgrade your plan for better drug coverage and lower deductibles. Your monthly payment will be higher, but the expense will ultimately balance out. 

The Medicare enrollment period is from October 15 to around December 7 every year. During this time, you can switch your plan to one that helps you save more when purchasing prescription drugs. Check out Medicare’s website for the options available to know which resonates with your medical needs. 

The Question Of ‘How Can I Save Money On My Prescriptions?’ Isn’t New In The United States 

Ongoing prescriptions are a source of financial stress for most Americans. It is not surprising to find Americans who keep asking, ‘how can I save money on my prescriptions?’ Some patients end up forfeiting the prescriptions as they can’t afford the drugs. 

Just make sure you don’t stop taking any of your prescribed medication or make any changes without direction from your doctor and/or pharmacist. It could be catastrophic to your health depending on the medication.

You don’t have to feel frustrated with the high cost of medication! You can save on prescription drugs through price comparison, buying generics, bulk buying, and prescription assistance programs, among other options. 

Want to learn how to save more money? Our blog is all about saving a dollar here and there so you can focus on building better businesses. We also teach you about increasing your income and earning passive income to avoid the bills building up.