Many people across the globe (but especially stateside) are looking at how to save money on prescriptions, and with good reason. In 2020 alone, Americans spent about $11,000 per person on healthcare.
In the following article, we provide five tips for how you can greatly reduce these costs just by shopping smarter for medications. Let’s begin!
1. Demand Generics
The first tip for how to save money on your prescriptions is to demand generic medications, if at all possible. At this point, there are many drugs on the market in a generic form. Viagra was one of the last holdouts, and even that and other ED-type drugs are now available.
Doctors typically try to prescribe generics on their own, but demand it if yours doesn’t. You can end up spending a fraction of the actual cost, that’s if your insurer doesn’t cover the full amount first.
2. Buy Bulk
Another way to save money on prescription medications is to see if you can’t buy in bulk. This cuts down on the cost of packaging and preparation while guaranteeing sales. As a result, some pharmaceutical companies will be more likely to offer discounts.
You’ll have to be careful with this, though. There’s sometimes a gap between what the pharmaceutical companies will offer and what your insurance company is willing to cover. Some insurers will only fund for 30 days at a time, thus making it more difficult to buy in bulk.
3. Request Discounts or Coupons
Many consumers don’t realize the power they have in simply asking for a discount for Ozempic. You can find all kinds of discounts and coupons for medication online. Some might even be available through your insurer or the pharmaceutical company itself.
It depends on the medication and the company. You might get a few “No” answers, but they’ll all be that way if you fail to ask.
4. Look Into Financial Assistance Programs
If over the counter alternatives don’t exist and none of the other options are open to you, then look into financial assistance programs in your area. There are many that can help the cash-strapped get the prescriptions they need.
Some may be income-based, so you’ll have to keep that in mind as you apply. Check with charities, state or local governments, and at the federal level.
5. Explore Buying Options
You have more power as a prescription consumer than you think. There are many companies out there vying for your business with their own versions of drugs that can be equally as effective as the name-brand.
Getting a 90-day supply of a prescription from one location won’t necessarily be the same as getting the same supply at another. You have to shop around and do a pharmacy price comparison to know for sure whether you’re getting the best deal.
Learning How to Save Money On Prescriptions Is Well Worth the Effort
We hope this look at how to save money on prescriptions has given you some ideas for how you can bring that out-of-pocket expense down while getting the medications that you need. As you pursue more affordable prescriptions, try more than one method to see what sticks.
For more health and wellness tips, check out some of our additional posts!