The high cost of prescription drugs these days can wreak havoc on your budget, even if you have medical insurance. However, it doesn’t have to be that way. There are several options that you can use to save money on prescription drugs.
Generic drugs have the same ingredients as the brand name drugs. On top of that, generics are less expensive. Ask your physician about generic version of the prescribed drug. If generic is not available then ask if there is cheaper version available.
Larger Supply Every prescription refill may cost you an insurance copay. So, you may be able to save money if you can get prescription for larger quantity. Plus, it will also save you time on driving to pharmacy.
Shop Around Drug prices varies between pharmacies for various reasons. Additionally, big-box retailers and grocery stores may also offer lower prices. Make sure to check and compare prices at different locations before ordering.
Coupons Always check if there is any discount coupon from the manufacturer. Following sites and mobile apps can help you in finding discount and compare prices at close-by pharmacies:
Mail Order Services Ordering medications via mail through pharmacy may lower your cost. On top of that you can save time and gas money by skipping multiple trips to the pharmacy. Be careful to check that the pharmacy is licensed and meets your insurance company requirements.
Manufacturer Rebates Some manufacturers offers rebates for banded drugs, think of these as coupons. They may also offer cards to the insureds that will lower the cost of brand name drugs.
Health Saving Account or Flexible Spending Account Check if your employer offers HSA or FSA programs. Using these programs, you can pay for your medicine using pre-tax money deducted from your paycheck. These programs will not lower the cost, but will reduce your taxable income.
Financial Assistance For financially needy people, who don’t have health insurance, there are multiple types of assistance programs offered by various entities. Check the eligibility criteria of these programs to ensure that you qualify. Some of these programs are:
Final Verdict High cost of prescription drugs may ruin your budget. The choices listed in this post may help you in lowering the price. However, it is up to you to decide which choice will work best for your needs.
We hope the information in this post will be helpful in your journey of aspiring nirvana!
