Access to low-cost healthcare, especially when it comes to prescription medications, is crucial for the well-being of the American population. Surprisingly, 60% of adults depend on at least one prescribed drug, with a quarter managing four or more. Unfortunately, many individuals encounter significant challenges when trying to afford these essential medications.
With escalating healthcare costs and diminishing access to healthcare providers, discovering ways to reduce prescription costs has become a necessity rather than just a luxury. For the majority, visiting the pharmacy resembles the final obstacle in the healthcare journey — where pricing appears rigid and choices are scarce.
Fortunately, there are multiple strategies available to help save substantially on your prescriptions. Matthew Herfield, Co-founder and CEO of BuzzRx, offers expert advice on effectively reducing your pharmacy expenses.
- Utilize Prescription Discount Cards
Prescription discount cards serve as an exceptional resource for individuals seeking savings, particularly those lacking adequate insurance. “BuzzRx users can easily compare discounted rates by pharmacy chains and find instant savings using our website or app. Our services have enabled consumers to save an average of 60% on each prescription at over 60,000 pharmacies across the country,” Herfield explains. “With our free, pre-activated discount card or app, you’ll no longer have to pay full price for your prescribed medications.”
The procedure is straightforward.
To discover savings on the BuzzRx platform, search for your medication by name, dosage, and quantity. Select the best available price from a nearby participating pharmacy. Present the BuzzRx discount codes to your pharmacist every time you fill or refill your prescription, and you’ll immediately benefit from a reduction in your costs. Frequent use of a discount card like BuzzRx can lead to significant savings over time, solidifying its role as a key tool for cutting expenses.
If you carry insurance, be sure to ask your pharmacist to compare the price under your insurance plan with the discounted price, ensuring you always opt for the lower amount. Note that discount cards and coupons cannot be combined with insurance but can be utilized when the discounted cost is less than your copay, if the medication isn’t covered by your insurance, or if there’s a waiting period associated with the medication.
- Seek Generic or Biosimilar Options Offered By Your Insurer
One of the easiest methods to lower your medication costs is by choosing generic or biosimilar options available through your insurance. These alternatives often provide the same effectiveness as their branded counterparts, with cost being the primary difference.
“Generics contain the same active ingredients and are required to meet identical quality standards as branded drugs,” Herfield clarifies. “Although the price disparity is significant, they provide the same therapeutic benefits.”
At present, many generic drugs serve as alternatives to common prescriptions such as those for cholesterol, hypertension, and contraception. Generics account for approximately nine out of ten prescriptions filled in the United States.
The 2021 U.S. Generic and Biosimilar Medicines Savings report reveals that the average copayment for generics stands at $6.61, significantly lower than the $55.82 average copay for brand-name medications.
This considerable cost disparity originates from generics being less expensive to manufacture, free from the expenses tied to brand marketing and development. By simply requesting your healthcare provider to prescribe a generic variant, you can enjoy the same health benefits while saving money on each refill.
- Compare Prices Across Pharmacies
Medication prices can differ vastly between pharmacies due to varying pricing strategies and local competition. “Many consumers are unaware that a medication’s cost can fluctuate significantly, even amongst pharmacies located right across the street,” Herfield points out.
Employing online platforms and applications to compare prices across different pharmacies can aid you in discovering the most economical option for your prescriptions and introduce a sense of clarity into the purchasing process.
- Opt for a 90-Day Supply
For ongoing medications, purchasing in bulk can lead to substantial savings.
Indeed, Herfield notes that acquiring a 90-day supply of medication is often more cost-effective per dosage than opting for a 30-day supply. This approach reduces the pharmacy’s transaction costs per sale, which subsequently decreases the price for you, while also minimizing the frequency of pharmacy visits, saving you time and travel expenses.
It’s advisable to consult with your healthcare provider regarding the option of a 90-day prescription, especially for medications that you take regularly.
- Stay Informed About Prescription Drug Formularies
Insurance companies often maintain formularies—lists of preferred medications that they cover at a higher rate. “Keeping abreast of any adjustments to your insurance’s formulary is wise. This way, you won’t be taken by surprise by sudden price increases if a medication you use shifts to a higher tier or is removed from the list,” Herfield advises.
Being informed empowers you to proactively discuss alternatives with your healthcare provider, ensuring you receive the best deal on your treatment. Your pharmacist can also provide insights into manufacturer rebates, seasonal discounts, and pharmaceutical assistance programs that might further ease your costs.
“Don’t underestimate the importance of cultivating a positive relationship with your pharmacist. They are often willing to assist patients in navigating costs through various savings programs,” Herfield counsels. Moreover, pharmacists can suggest therapeutic alternatives or over-the-counter options that could be more affordable than your prescribed medications.
Effective Strategies for Smart Savings
Though the price tag on prescription medications can be daunting, several strategies exist to alleviate the financial strain. Whether you choose generic alternatives or prescription discount services, these recommendations are straightforward and have been proven to yield savings.
By implementing these strategies, you not only enhance your ability to manage healthcare costs effectively but also ensure access to necessary treatments without overwhelming your budget. The next time you find yourself in the pharmacy, put these tips to work and embark on a healthier, more financially sustainable journey.
