IN THIS ARTICLE
01/ Switch to Generic Medications
03/ Get a Larger Supply / Dose
05/ Check for Pharmaceutical Company Discounts
06/ Investigate if State Medication Assistance is Available
07/ Find Out if You Are Eligible for Extra Help from Medicare
08/ Check if you Qualify for Financial Assistance from Non-Profits
There is no getting around it. Prescription drug costs are on the rise. Even if you have insurance, patients are carrying more of the financial burden and the costs can be overwhelming.
This hits those on a fixed budget especially hard. As a result, many people are forgoing or delaying having their prescriptions filled.
There are strategies for reducing your medication costs though. Not all of the suggestions below will apply to you, but there may be a few strategies you can implement that will help you save real money on your prescription drug costs.
1. Switch to Generic Medications
One easy way to reduce your medication costs is by switching to generic medications, when one exists.
Generic medications are often significantly less expensive and have been shown to have the same efficacy as brand name medications.
Ask your doctor or pharmacist if there is a generic medication option available and if it is appropriate for you.
2. Try a Different Pharmacy
Another way you may be able to save money on your prescriptions is by comparing prices at different pharmacies.
It is surprising how much the cost of the very same medication can differ across pharmacies.
One pharmacy may charge $10 for a medication while another in the area may charge ten times that amount. Seriously.
It makes sense to call around. Even better, go to apps that do the comparison work for you, like GoodRx or WeRx.
Sometimes the big box stores or pharmacies within grocery stores offer the best prices, with many generic meds costing just $4 for a 30 day supply.
With other medications, smaller pharmacies sometimes have better pricing than the larger retailers.
3. Get a Larger Supply and/or Dose
You can often reduce your medication costs by increasing the supply or dosage of medications you purchase.
Sometimes simply purchasing a 90 day supply instead of a 30 day supply of your meds can save you money on your co-pay.
Another way you can save money on your medications is by having your doctor prescribe a higher dosage of a medication than you need.
For example, you if you take 10 mg of a medication, your doctor may be willing to prescribe a 20 mg pill that you could cut in half.
This will make your medication last twice as long and certainly helps with reducing medication costs.
4. Search for Coupons
Saving money on your prescriptions may be as simple as a quick internet search.
Pharmaceutical companies will sometimes post coupons directly to their websites. This is especially true when medications are expensive and there isn’t a generic alternative.
You can also search for medication coupons on the website Needy Meds , looking up each medication you take by brand name. If there is a coupon available, there will be an icon next to the brand name indicating that.
5. Check for Pharmaceutical Company Discounts
Another strategy to reduce your medication costs is checking if you qualify for financial assistance from pharmaceutical manufacturers for your meds.
Pharmaceutical companies sometimes offer free or discounted medication to uninsured or low-income individuals through Patient Assistance Plans (PAPs). To find out if you qualify, you can go to the manufacturer’s website, or search for the drug name at RXAssist.org.
6. Investigate whether your State Provides Medication Assistance
Additionally, some people can save money on their prescriptions through State Pharmaceutical Assistance Programs (SPAPs).
SPAPs are programs individual states may offer to help reduce the cost their residents pay for prescription medications.
As you may expect, the benefits and qualifying criteria varies. Some states help pay for medications based on the type of illness one has, for example HIV or end stage renal failure. Other states provide assistance based on the age and/or income of the resident.
You can easily check if your state offers a SPAP and if you are eligible for assistance by looking at this simple chart at the Medicare Rights Center.
7. Are you Eligible for “Extra Help” from Medicare
You may be able to get “extra help” to reduce your medication costs, if you have limited income and resources.
The savings provided by Extra Help can be quite significant. If you qualify, you would pay $3.40 for covered generic meds and $8.50 for each covered brand name medication. You can apply for Extra Help through Medicare and Social Security/
8. Are you Eligible for Financial Assistance from Non-profits
Finally, you may be able to reduce your medication costs through the assistance of non-profit organizations.
There are several non-profits that offer direct assistance or information on how to get assistance for prescription drugs.
Some of the organizations include: National Organization for Rare Disorders, Needy Meds and Partnership for Prescription Assistance.
There are a variety of different options out there to reduce your medication costs. While not every strategy will be right for you, hopefully there are at least a couple that will be effective in reducing the cost of your medications.
