The cost of health insurance keeps increasing. Higher premiums. Increased co-pays. More out of pocket expenses. With all of these changes in healthcare, this typically means more out of pocket expenses — including the cost of medications.
I am always looking for ways to help patients save money on their medications. Here are 6 ways to help lower the cost of prescriptions.
1. Ask for generics.
Generic medications are made available after patents on medications have expired. These medications are made by a different company than the original manufacturer of the medication but are the same chemical compound. Using generics can help you save a lot of money, and they work well. Don’t be afraid to ask for generics at your next visit.
2. Price compare.
Medication cost can vary greatly depending on the pharmacy you use. I have seen the cost of a medication vary greatly. Today I found a medication that cost $212 at one pharmacy cost only $54 at another pharmacy. Also, just because your blood pressure medication is cheaper at one pharmacy doesn’t mean that they will have the best deal on your thyroid medication. I like to use the website GoodRX.com to do price comparison. In addition to finding the best price you can get prescription coupons. Which brings me to #3.
3. Use prescription coupons.
GoodRX.com has discount coupons for medications. You do need to know the specific name, strength, and quantity to get the correct coupon. This can be a huge savings. It isn’t uncommon to see a 70-80% savings. If you really want to save money then combine price comparison and use the coupon at the pharmacy that has the lowest price.
4. Get it through mail order.
As a way to save money, many insurance companies are encouraging their members to use mail order pharmacies. This saves the company money as they are working with a single pharmacy and they can contract for better rates due to a larger buying power. Some insurance plans will let you have a $0 copay for mail order pharmacies or a substantial discount. Check with your insurance company to see if they work with a mail order pharmacy.
5. Get a 90 day supply.
Most pharmacies will give you a discount by getting your medications for 90 days at a time. Although this may not be a huge savings it can really add up over a year. For example, if you take 3 blood pressure medications (generic cost is $4 per month per script) you could get a three month supply for $9 — a savings of 1 dollar per month. At 3 scripts a month for a year at regular price it would be $144 for the medications for a year. At a 90 day supply cost for 1 year it would cost $108 for a savings of $36 dollars per year.
6. Join a direct primary care clinic.
Find a direct primary care clinic that dispenses medications, like we do at Blue Ocean Family Medicine. If you aren’t in TN you can look for one here mapper.dpcfrontier.com. This can be a huge cost savings. Look at the savings available for just 1 medication.
Getting the medication as a member of our clinic is a savings of 93% over retail and 67% less than GoodRx. If you would like to join us at Blue Ocean DPC then register here.
If you have any helpful suggestions for saving money on medications leave a comment.