Ways to Save Money on Prescription Medications
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Ways to Save Money on Prescription Medications

Posted on Wednesday, May 9th, 2018 at 7:00 am
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Piggy Bank with PillsAmericans spend more money on prescription medications than people in any other country. Sometimes, a person’s health insurance will cover the prescription medications that they require. Other times, the insurance company refuses to cover it, leaving people to struggle to pay for the expensive medications that they need. Here are a few ways to save money on prescription medications.

Ask your Doctor for Generics
It is a good idea to ask questions when your doctor prescribes a medication. The doctor usually won’t know whether or not your health insurance covers what they are prescribing. Ask your doctor if it would be ok if you took the generic version of the medication instead of the name brand.

One vivid example of why this is important was in the news a while ago. The EpiPen (made by Mylan) is expensive. This pen is used by people who have severe allergic reactions to things that can cause them to go into anaphylaxis. The double-pack of Mylan EpiPens can cost as much as $400.00

CVS has created their own version of Mylan’s EpiPen. The CVS version costs around $5.00. It is made from the same ingredients as the EpiPen. Ask your doctor if he or she can prescribe the generic version instead of the name brand.

Ask the Pharmacist for Generics
CVS is rolling out a new tool that alerts CVS pharmacists to cheaper drug options when they fill patient’s prescriptions. It is called the Savings Finder. This program flags a less expensive therapeutic equivalent, prompting the pharmacist to tell the patient and seek permission from the doctor to make the switch.

Savings Finder is also available to CVS consumers through an app.

No matter where you pick up your medications, it is a good idea to ask the pharmacist if a less expensive version is available. The generic versions are often much less expensive than the name brand.

Compare Prices
Call your preferred pharmacy and ask what your medication would cost. Next, call several other pharmacies, and ask the same question. Sometimes, the price of a medication can change depending on which company’s pharmacy you ask – and whether or not the pharmacist is aware of a generic version.

Ask the pharmacist if you can get a discount for having the store’s loyalty card. Ask for coupons. Find out if a prescription will cost less if you have the store’s credit card or membership card.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.