You need your medication. That’s non-negotiable. Even if they cost a lot.
Consider these steps to lower your prescription costs:
- Go for a generic brand. Generic medications can cost significantly less than a name-brand drug. Check with your insurance company’s formulary to find out which comparable medication your policy will cover, and then find out if it covers a generic brand. Talk to your doctor about the possible side effects of the new drug and weigh the benefits of trying the generic option.
- Comparison shop. There are a lot of tools at your disposal that will help you price shop at pharmacies in your area. Apps like GoodRx or LowestMed will give you instant results: Simply type in your medication and the app’s results page will populate with the pharmacies in your area and its cost.
- Use your HSA or FSA. Under a Health Savings Account (HSA) or Flexible Spending Arrangement (FSA), expenses related to prescription drugs are eligible for use. The theory here is that, while you may not spend less on the price of the medication, the money you set aside on the HSA or FSA is tax-free, which means you’ll also reduce your tax bill.
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- Get a discount card. If prescription spending is taking up a huge portion of your budget, consider a discount card. Programs like NeedyMeds or FamilyWise will get you lower rates on drugs at your pharmacy. Check the program’s guidelines thoroughly, as some work with your insurance and others are only for people who do not have insurance.
- Turn to charity. If you can’t afford your medication, try working with a charity group that helps patients access much-needed drugs. The Patient Access Network (PAN) Foundation helps people below certain income levels get access to meds, while other groups, like your local Lions club, may help individuals in your town.
- Try the mail. Ordering three months or more worth of medication from a mail-order pharmacy can also save you big money. Check with your insurance carrier to inquire about fulfilling your prescription with this kind of pharmacy. Because these pharmacies don’t have the expense of a brick-and-mortar business, they can often offer less-costly prescriptions.
- Look for coupons. Most pharmaceutical companies offer coupons with many of their brand-name drugs. If you’re not willing to switch to generic or you can’t find help any other way, you should be able to print a coupon from the internet and redeem it at your local pharmacy.
Give high-prescription drug costs the boot. Work every angle you can to lower these expenses, and you’ll be able to breathe a sigh of relief.
If you’d like help with finding a health insurance policy that will cover a specific medication, or you’d like to lower prescription drug costs, call InsureOne Benefits today! We’re happy to help you find the right plan to fit your budget.