The prices of prescription drugs are always on the rise. You never see them fall, and sadly, they never will. Despite the government’s efforts to put a cap on drug prices, pharmaceutical companies are not going to allow that. Hence, instead of waiting for these prices to drop, you should consider other ways to save money on them.
To help you out, here are 5 super easy ways for you to save money on your prescription, and when you should be using them.
5 Super Simple Ways for Saving Money on Prescription Drugs and When You Should Be Using Them
#1. Browsing multiple pharmacies
Drug prices vary across pharmacies. The price of a specific type of medication at your local drugstore can be 5-10% higher than the one from the pharmacy a couple of blocks away from you. By browsing a few pharmacies in your area, you can probably land a good deal on your prescription. You can use this approach for almost every type of drug. If you need the drugs for a long period, this is a great way to save money on them.
Besides, if your health insurance plan covers your prescription, you’ll most likely purchase your drugs from a preferred pharmacy. These stores have pre-negotiated lower prices on certain insurance programs, and if yours falls in their criteria, you can get a somewhat generous discount at these drugstores.
#2. Buying generic versions of the drugs
Brand name drugs spend millions of dollars on research and development behind a particular drug. Thus, when they release it in the market, it’s priced quite high. However, unlike branded drugs, the generic versions cost a lot less, mostly because they didn’t have to spend a single dollar on R&D. Thus, they can afford to sell the same drugs at a much lower price.
Despite the differences in prices, both generic and brand-name drugs are equally efficient. They have the same composition and the same effectiveness. They’ll only vary in shape and packaging.
Buying generic drugs can save you almost 80-85% on your prescription, which is why it’s one of the most cost-effective ways of buying drugs. You can use this approach for every type of drug that has a generic version of it.
#3. Using discount coupons
Using discount coupons can help reduce the price of your prescription by 10-80%. These coupons are available on different websites and help you find the best possible deal on your prescription. Here’s how they tend to work.
Eliquis, a type of drug used to treat blood clots and reduce the risk of stroke, has an average price of around $520 (5mg, 60 tablets). By using Eliquis coupons, you can purchase the same at $470 or less. Just select your desired pharmacy or seller, generate the coupon, and present it to the pharmacist during your purchase of the drug. Thus, you can save almost 10% on this drug by simply using a coupon.
There are other drugs that can be bought at a much lower price by using such coupons. Prices can sometimes come down by 50-80% when you use coupons.
#4. Purchasing in bulk
Let’s go back to the Eliquis example one more time. Let’s say that a 30-day supply of Eliquis (60 tablets) can cost you $500. That’s $8.33 per tablet. However, a 90-day supply of the same (180 tablets) will cost you $1440, $8 per tablet. So instead of buying a 30-day supply, if you buy a 90-day supply, you can save up to $60.
You should purchase in such bull quantity only when you know that you’ll have to use that drug for some time. Refilling every 90 days or so can help bring in some really good savings, especially if you’re on a lot of medication.
#5 Asking for an alternative
Sometimes, you can’t find a generic version of a brand-name drug. In such cases, you’ll have to ask your doctor to provide you with an alternative. When doctors are prescribing you a certain type of medication, they’ll not ask you whether or not you can afford it. Hence, it’s important for you to communicate with them in case you can’t afford that drug.
Whatever you do, don’t seek an alternative on your own. If your doctor or physician hasn’t authorized the drug or dosage, you should never use it no matter how cheap it is. You must remember that in pursuit of saving money, you can’t risk your own life.