Save Money on Prescription Medications

As the cost of living steadily increases, many people struggle to pay for their prescription drugs. Even with health insurance, prescription costs can be a huge burden. Whether you have insurance or not, it is possible to trim your prescription medication bills and save money by being an educated consumer and using the resources available for prescription assistance.

Go Generic

Like other products, generic medications are typically much less expensive than their brand name counterparts, and they are just as safe and effective. According to CVS Pharmacy, you can save 10-80% by choosing generic over brand name depending on where you live, the type of medication, and insurance coverage. Most brand name drugs have a generic equivalent. Be sure to ask your doctor to write your prescription for the generic medication instead of the brand name if available. When you're at the pharmacy, ask if there is a generic option for the prescription you are filling. If there is, the pharmacist can contact the physician to see if it is okay to switch to generic. Some pharmacies offer 30 day supplies of common generic medications for only $4 and 90 day supplies for only $10. That's a huge savings over the brand name price, especially if you don't have prescription insurance coverage.

Discount cards

Discount card programs are generally designed for individuals without prescription drug insurance coverage. An individual must apply for the card, and if accepted, can use the card to get a percentage discount on certain medications and other medical services. Some discount cards are free, others have a fee. Various discount programs are offered by the state government, drug companies, and businesses. Explore the links below to find out more about discount card programs.

Merck Prescription Discount Program

Pfizer Pfriends

Together Rx Access

GlaxoSmithKline Access

CVS Health Savings Pass

Walgreen's Prescription Savings Club

Prescription Coupons

Pharmacies in grocery stores, discount stores, and drug stores all compete for your prescription business. Many stores print coupons in their ads for a free gift card with a new or transferred prescription. I have seen offers for up to $50 on a gift card when you use a particular store's pharmacy to fill a prescription. This is a great deal! Make sure to read the fine print. Some coupons are only good for new prescriptions, and others are only valid for transferred prescriptions. I have known people that transfer their prescription to a new pharmacy each time a refill is due. This may take a little extra time and effort, but getting a bonus of $10-$50 on a gift card in return is worth it. Use the money on the gift card towards your grocery spending for the week.

If you decide to transfer, make sure your insurance doesn't limit which pharmacy you use to fill your prescriptions. For example, the insurance plan my family has requires us to use one specific pharmacy chain. So if we go somewhere else, the prescription won't be covered and we'll have to pay full price. So check the sales flyers for stores like Target, CVS, Walgreens, and your local grocery stores. If you find a prescription coupon, cut it out, even if you don't currently have a prescription to fill. Keep a few coupons on hand so you'll have one available when you or a family member needs a new prescription or a refill.

Cut Pills in Half

If you want to get twice as much for your money, ask your doctor to write your prescription for double the dose. For instance, if you take a pill that is 20mg, ask for the 40mg dose instead, then cut the pills in half. Pill cutters are cheap, easy to use, and are available at any pharmacy. By cutting your pills in half, you will have twice as many doses for the same prescription price. Some medications, such as gel capsules, can be damaged or ruined when cut in half, so make sure to ask your doctor if this is a safe option with the medication you are taking.

Opt for Over the Counter Drugs

Many medications that are prescribed by a doctor are also available over the counter. For example, after I my son was born, my doctor wrote a prescription for Motrin 800mg. Motrin is a brand of Ibuprofen. I knew I had a big bottle of generic Ibuprofen at home that I bought at the drug store, so I skipped the prescription. The pills I had at home were 200mg, so I just took four at a time to equal the 800mg. The only downside was taking four pills instead of one, but it was definitely worth the savings. If your health care provider prescribes a medication, ask if there is an over the counter alternative that would be safe and effective in treating your condition.

Ask for Samples

Many physicians have a supply of medication samples on hand. Drug manufacturers give these samples to the doctors to hand out to patients. If your doctor prescribes a medication, ask if he or she has any samples available. This can save a lot of money. I recently had to use prescription eye drops, and my optometrist gave me enough samples to cover the whole dosage period of the prescription. Doctors often have samples of other products too, such as infant formula. When my kids were babies, I asked for formula samples each time we went for a check up at the Pediatrician's office. The nurse always gave me at least one can, worth more than $15. This was very helpful to my family's budget. The bottom line is that it never hurts to ask.

Flexible Spending Accounts

Many employers offer Flexible Spending Accounts (FSA) that can be used for medical expenses, including prescriptions and over the counter medications. Money is taken out of an employee's paycheck before taxes and deposited into a special account. The money in the account is then used to reimburse the employee for approved medical expenses. Every time the employee pays for a prescription or over the counter drug, the receipt can be submitted for reimbursement. Submitting receipts can be cumbersome and time consuming, so some FSA plans offer debit cards for a small fee. With the debit card, each medical purchase is deducted from your FSA balance, and there is no hassle with submitting claims.

The use of a FSA can be combined with any of the above money saving tips. For example, I use a coupon that will earn a $25 giftcard to fill my prescription. I pay a $20 co-pay for the prescription. I then get reimbursed for the $20 by my FSA, and I also get the bonus $25 giftcard. If I decide to use an over the counter medication instead of a prescription, that can also be reimbursed. Each FSA plan has a list of acceptable expenses, so make sure what you're buying will be covered. With my family's plan, I was pleasantly surprised at how many over the counter items are covered. In addition to typical household medications, I found contact lens solution, first aid supplies, diaper rash crème, and pregnancy tests on the list of approved items. If you're not already using a FSA, find out if your employer offers one. It's a great way to lower your taxable income and save money on medical expenses, including prescription medications.

Shop Around

As with all purchases, it pays to shop around and compare prices, especially if you don't have prescription insurance coverage. Different pharmacies charge different prices for the same medications. Medications can even be purchased online, so check out that option too. Some people opt to head south of the border to buy medications at a less expensive rate. If you struggle to pay for prescription medications, check out the links below. There are many programs designed to assist people in obtaining the medications they need.

Pharmaceutical Assistance Program Resources

Needy Meds- This is an excellent resource for finding low cost medicine programs. There is a flood of information on this site. They also offer help with any applications.

Free Medicine Program- Their goal is to help patients obtain prescription medications absolutely free of charge.

Partnership for Prescription Assistance- Helps qualifying patients who lack prescription coverage get the medicines they need through the public or private program that's right for them. Many will get them free or nearly free.