Prescription costs can add up quickly — even for everyday medications. Here’s how you may be able to lower your out-of-pocket expenses.
When you stop by the pharmacy to pick up a prescription, the total can sometimes catch you off guard. Even everyday medications may cost more than you expect.
The good news? You may have more ways to save than you realize. Choosing generic medicines, using discount programs and exploring other savings options may help lower your prescription costs.
Save on eligible prescriptions with a discount card at no cost to you. Call a licensed insurance agent at 844-306-8319 to learn how to start saving today.
Ask your health care provider about switching to generic medications
Generic medications often cost less than brand-name drugs. This is because brand-name drugs are developed first, and drug companies spend years researching and testing them.
After new drugs are approved, the company usually gets special rights to be the only seller for a set number of years.1 When that period ends, other companies can apply to make generic versions using the same active ingredient.
Because the original research and testing is already done, generic drugs usually cost less to produce and may cost less for you.
Generic drugs must meet the same strict standards for safety, quality and effectiveness as brand-name drugs. They contain the same active ingredient, strength and dosage.2 This means they work the same way in your body and treat the same conditions.
If your provider prescribes a brand-name drug, ask if a generic version is available. If there isn’t one, your doctor may be able to prescribe a different medication that costs less.
Most health plans have a formulary, or a list of covered medicines. Share this list with your provider so they can see which options may cost less. Choosing a medicine on this list may help lower your out-of-pocket costs.
Consider paying “cash”
The term “cash price” means paying for your medication without using insurance. This does not always mean you lose access to savings. In some cases, a prescription discount card may help you pay less than your insurance copay.
Prescription discount programs often offer discounts on many prescription medicines.
This option may help if:
- Your copay is high
- Your drug is not covered by your plan
- You have not met your deductible
Keep in mind that when you pay cash using a discount card, the amount you pay usually does not count toward your insurance deductible.
Tip: Ask the pharmacy staff to check both your insurance price and the cash price so you can choose the lower one.
Looking for ways to lower your out-of-pocket medication costs? Call a licensed insurance agent at 844-306-8319 to learn how a prescription discount card may help.
Switch to a 90-day supply
Changing how often you fill your prescription may be another way to save money. For some medications, you may be able to order a 90-day supply instead of a 30-day supply.
Many pharmacies charge a small fee each time they fill a prescription.³ This is called a dispensing fee. When you fill a 90-day supply, you may pay this fee fewer times. This can help lower your total cost over time.
A 90-day supply works best for medicines you take regularly, such as those for:
- Blood pressure
- Cholesterol
- Diabetes
Ask your provider or pharmacist if this option could work for you.
Try manufacturer coupons for brand-name drugs
If a generic version of the brand-name medication you’re taking isn’t available yet, there may be fewer low-cost options.
To help make these medications more affordable, many drug manufacturers offer savings programs. These programs may help lower your out-of-pocket costs if you qualify.
These may include:
Copay cards: These cards may help lower the amount you pay for a brand-name prescription. You can present the card at the pharmacy, and the savings are applied when you fill your prescription.
Patient Assistance Programs (PAPs): These programs help people who meet certain income or coverage requirements. Depending on the program, you may be able to receive your medicine at a reduced cost or no cost.
You can often find these programs on the drug manufacturer’s website. Your doctor or pharmacist may also help you find and apply for available savings programs.
Use preferred pharmacies
Where you fill your prescription can also affect the price.
Many health plans have preferred pharmacies. These pharmacies agree to offer lower prices to plan members. Using a preferred pharmacy may help lower your copay.
Check which pharmacies are in your health plan’s network before telling your doctor where to send your prescription. Sometimes a preferred pharmacy may be a mail-order pharmacy where you can order a 90-day supply of your medication.
5 questions to ask your pharmacist
Your pharmacist can be a helpful resource. They may be able to help you find ways to save. Consider asking these questions:
- Is there a generic version of my medication available?
- Is the cash price cheaper than my insurance copay?
- Would a 90-day supply save me money?
- Is this pharmacy in my plan’s preferred network?
- Are there any manufacturer coupons for this drug?
These questions may help you find savings you didn’t know about.
The bottom line: Prescription costs can add up, but there may be ways you can save on your medications. Talk with your doctor and pharmacist about your options so you can find the best choice for your health and your budget.
Have questions about how a prescription discount card can help you save? Call 844-306-8319 to speak with a licensed insurance agent now.
For informational purposes only. This information is compiled by HealthMarkets Insurance Agency and does not diagnose problems or recommend specific treatment. Services and medical technologies referenced herein may not be covered under your plan. Please consult directly with your primary care physician if you need medical advice.
