Today, I’m pleased to feature a guest post on a topic I know little about, but is very important for many: prescription costs. We are blessed to thus far be a very healthy family with no regular prescription costs. However, I know many people face tough decisions about how to pay for medication, and finding the most cost effective source is critical for their physical and financial health.
By Fabio Caparelli
On top of paying for rent/mortgage, transportation, food, and utilities, the average American also has to factor in spending an average of $1,370 dollars per year on prescription drug costs.
The high cost of prescriptions have been a source of anxiety for Americans for years, and with the forthcoming changes to the health care system and drug price inflation, there seems to be no relief on the horizon. Drug prices rose an average of nearly 10% over the 12 month period ending in May of 2016. What is the average American to do?
Since people can’t just stop buying the medicine they need to live a healthy and happy life, they are stuck with the burden of losing more of their income to pharmacy spending.
We asked pharmacists, nurses, and doctors to share their top tips to save and found the following five tips to help ease your pharmaceutical anxiety.
1) Choose Generic
If you’ve ever struggled with the decision of buying name brand vs an unknown store brand and gone with the name brand, you’re not alone. How could something “the same” cost half, or more than half the price and still be good?
Generic drugs are meticulously tested, and work as well as brand names. There’s a simple reason why generics cost so much less than their branded counterparts. When creating a drug, huge pharmaceutical companies cover the costs of research, development and marketing while taking on the risk that the drug may not get approval from the FDA. Once a drug gets approved, these manufacturers are rewarded with a patent allowing them the exclusive right to produce and sell the drug with the power to set their own price.
But after a patent expires, the drug formulation becomes available for other manufacturers to create and market their own versions. The increase in competition and lower costs mean that the new generics entering the market are just as effective but at a much better price. If your doctor prescribes you a brand-name drug, always remember to ask if there are generics available.
2) Compare Alternatives
For many diseases and symptoms, there’s more than one option for relief. For example, diabetes patients have a number of alternative insulin treatments to choose from. Similarly, arthritis sufferers have many prescription options to manage their pain. When choosing a treatment, keep in mind there may be many alternatives at a much lower cost. If your doctor prescribes you an expensive branded prescription, ask if there are alternative drugs that work just as well. Many physicians have no idea how much your insurance does or doesn’t cover, and would be more than happy to help you find an effective drug you can afford.
It can also help to ask your local pharmacist. Walmart, for example, offers 90-day prescriptions for $23 lower per member per year. Many pharmacies also provide lower cash prices for patients without insurance.
3) Patient Assistance Programs
It’s an unfortunate reality that many Americans are choosing to forego prescriptions because they can no longer afford them. For anyone needing to make the difficult choice between medicine and other basic needs, we recommend seeking out patient assistance programs offered by the state and nonprofit groups. Many states offer programs to cover large portions of bills, which can include copays. In addition, there are non-profits like PPA and RxAssist which help low-income patients find programs for free or low-cost medications.
4) Manufacturer Rebates
Another helpful tip is to search for manufacturer rebates or coupons for specific drugs. These are savings programs created directly by the drug manufacturer and can be worth hundreds in discounts. For example, Epipen has a $0 copay program to help offset out of pocket costs. A quick google search can turn up hundreds of similar programs for all kinds of brands and prescriptions. You’ll often have the best luck with new drugs where manufacturers are willing to lower prices to encourage new patient sales. The state sponsored Medicaid Drug Rebate Program can also help reduce outpatient costs.
5) Shop Around
As with most goods, prescriptions vary in price from store to store and pharmacy to pharmacy. Prices for a single prescription can differ widely between Walgreens to CVS and Walmart. You don’t have to accept the first price you receive at your local counter. To save time and gas, we suggest using web tools and apps that can help you price check between stores. For example, SearchRx lets users compare prices for prescriptions and find the lowest priced pharmacy. By looking up a prescription and zip code, you get a list of prices at your local pharmacies. Plus, if your copay is high or you’re between insurance, you can email, text or print a coupon to help you save more.
In conclusion, get the most from your trips to the pharmacy by doing your research and shopping around. If price is a concern, do tell your physician as most doctors are happy to work with you to find affordable treatment. Seek generics if they are available or ask if there are alternative medications. Plus, be on the lookout for doctor samples, manufacturer rebates and state-run programs that help bring down out of pocket costs. To help you do all this, you can check out apps like SearchRx that make it quick and easy to search for the best prescription prices and coupons. Whether you’re insured or not, we hope these tips come in handy for your next doctor’s visit!
How do you save on prescriptions? Have you ever used SearchRx?
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