Learn to ease the pressure of prescription prices with our list of saving strategies.

Key Takeaways:

• Drug manufacturers in the U.S. set the price of prescription drugs
• Manufacturers of new drugs must recoup costs to make profit before generic alternatives flood the market
• This need for profit drives up the cost of prescription medications
• There are a few things patients can do to save on the cost of prescriptions

Patients are typically caught in a difficult situation when it comes to prescription drug prices. Manufacturers either set a high price to make as much money as possible before competitors provide cheaper options, or they are in a position where they have little to no competition and can keep their prices permanently high.

What patients can afford at the pharmacy is another matter. An estimated 18 million Americans are already struggling to afford the drugs they need, which can lead to missing doses – a flawed strategy to reduce medication costs that can worsen existing conditions or cause new ones. Review our saving tips with your doctor to help make future prescriptions more affordable.

1. Go generic instead of brand name

The U.S. Food and Drug Administration (FDA) confirms that 9 out of 10 filled prescriptions are for more affordable generic drugs. The FDA also assures patients that these alternatives not only use the same active ingredients as name brands but are also rigorously reviewed to ensure they are not merely second-best options. Ask your doctor if a generic alternative is right for your body and budget.

2. Buy long-term medications in bulk

Co-pays can slowly drain your budget if they happen monthly. Managing a chronic or long-term condition can be made cheaper by purchasing larger quantities of your prescription at a time. For example, one of the most effective saving tips is choosing a 3-month supply over a 30-day supply, which could reduce 12 co-pays a year to 4.

3. Get medically reassessed

Positive lifestyle choices like a preventative care diet or other effective disease interventions, such as stopping smoking or managing blood pressure, are likely making you healthier. You may need less medication or a different type of prescription drug than you had before as a result, so schedule a checkup if you have been making improvements. It may help you save on prescriptions!

4. Look beyond the typical pharmacy

You can sometimes find both generic and brand-name drugs in stores and supermarkets across the country at lower prices than those from bigger pharmacy chains. Available medications and pricing will differ between locations, so consider shopping around to find yours and pay less.

5. Seek financial assistance

Consider the following saving tips and see if you qualify under each organization’s rules to save on prescriptions:

• Contacting the drug manufacturer directly to see if they have a savings program
• State drug assistance programs like SHIPs
• Using the assistance provider at Medicare.gov
• The Extra Help program from the Social Security Administration
• The Medicine Assistance Tool from PhRMA
• NeedyMeds

Although comparing prices at different pharmacies is the best way to ensure you’re getting the best possible price, it may also be a good idea to ask your local pharmacy if they have a savings club, vouchers, discount cards, or other membership perks to help with prescription drug prices.

6. Consider starting a Health Savings Account (HSA)

If you do have a little something to spare financially you might want to open an HSA. These pre-tax accounts can provide a cushion to cover prescription drug prices, with expenses including coinsurance, co-pays and deductibles being reimbursable from your HSA. You will require a High Deductible Health Plan (HDHP) to open an HSA, but not all HDHP’s are HSA-eligible. Visit Healthcare.gov to find out more.

7. Study your insurance

Your medical insurer can provide you with its drug formulary – a list of brand-name and generic prescription medications covered under their plan(s) to treat certain health conditions. This information can save a lot of time and provide you and your doctor with valuable information that could lower your prescription costs. Alternatively, you may consider switching insurers to find a more cost-effective provider.

8. Try shopping for your prescriptions online

Online pharmacies can be as reputable and reliable as brick-and-mortar outlets and their prices may be the most competitive for your needs. This quick option can also be helpful if you find it difficult to visit a pharmacy due to physical or financial limitations. The online pharmacy will most likely also offer home delivery, which may even be done free of charge.

Online pharmacies make it simple to renew prescriptions and get your medications delivered right to your door. But it is important to be aware of the drawbacks, such as a lack of face-to-face interaction with the pharmacist, which could complicate communication. To help ensure you’re using a quality pharmacy, use only online pharmacies that:

• Are licensed in the United States
• Require a prescription
• Can demonstrate digital accreditation
• Can prove they will handle your personal information safely

These FDA safety tips provide further information toward smarter shopping for online medications.

9. Only fill prescriptions at in-network pharmacies

Knowledge of your plan sponsor’s approved network can help you avoid unnecessary prescription expenses by staying with pre-approved locations. Having to visit anywhere other than your usual pharmacy may be unavoidable at times, such as in an emergency or if a required drug is only available at certain locations. Speak to your medical plan provider to see how flexible they are with out-of-network pharmacies, should you be forced to use one. Also inquire whether they will partly or wholly reimburse the costs of your prescriptions.

It should be noted that in some cases it may be cheaper to pay cash at an out-of-network pharmacy using a pharmacy savings program voucher. Often, this can be less expensive than paying a copay at an in-network pharmacy.

Join ModRN Health

We can save you time and money by finding the most affordable prescription prices at pharmacies near you. Comparing generic and brand-name drug prices with ModRN Health could help save as much as 80% on your current prescription costs and an average of $500 a year.

The discounted prices we discover could be less than your co-pay, so even insured patients can benefit. Our members also earn points in our Reward Program that can be redeemed for gift cards at many locations. Members also benefit from personalized profiles and refill reminders. Sign up for a free savings account today!