Strategies for Saving on Prescription Drugs

The United States has one of the highest costs of prescription drugs in the world. On average, Americans spend around $1,200 on prescription drugs each year! That statistic will likely rise , as prescriptions are more expensive than ever. One in 4 Americans are paying more for their medicine than they were one year ago. Because of this, we gathered some tips for saving money on prescription drugs.

Compare prices

It’s a good idea to start by asking your doctor if there is a generic version of the medicine they prescribe you. If there is no generic version available, drug prices vary from store to store, so be sure to compare prices. Look into different websites and apps with price comparison tools for your convenience. Plugging in your prescription to the tool will show you different price points and will help you make the best choice for your bank account.

Check your insurance

Check your health care plan to see your preferred networks. According to AARP, over a third of employers have pre-negotiated lower costs through preferred pharmacies for employee health benefit plans. Don’t be afraid to contact your insurance company if you have questions. You can save the time and stress of reading your formulary by calling an agent and simply asking if your prescription is covered. If it’s not, they can recommend similar products they cover. Be sure to confirm these suggestions with your doctor.

Clip coupons.

Deals can sometimes be found on the drug manufacturer’s website that can be used at your local pharmacy. Some stores have rewards programs, where if you fill prescriptions at their pharmacy or shop for other medicines, you can receive coupons or a discount over time. It’s also a good idea to look into independent pharmacies. Sometimes small pharmacies have better prices than large chains, contrary to popular belief. One option is to ask your pharmacist if the prescription would be cheaper if paid in cash. Pharmacists can tell you if you’ll save money by not using your insurance and paying with cash instead.

Look into your medicine.

Once you know a prescription works well for you, consider buying a 90-day supply. Oftentimes, a higher supply results in a lower cost per pill. Another option is to split pills. Talk with your doctor to see if the medicine is offered in a higher, cheaper dosage. Tablet-splitting isn’t safe for all medications, so always consult your doctor. Generally, capsules, coated pills and time-released drugs should not be split.

Finding the right money-saving strategy can take some time, but with the rising cost of prescription drugs, it is worth it. Keep in mind drug costs change frequently, so do not be shy about searching for a better deal. Under no circumstances should you skip taking your medicine due to cost. It is important to save money, but health comes first. Contact CanopyNation today if you have any questions regarding your health plan.