Are you dedicating most of your paycheck to prescription medications? You’re not alone. In fact, about 30% of people avoid filling their prescriptions out because they’re too expensive.
Some patients delay retirement, get a second job, or cut back on groceries to deal with the high prices. Others start cutting their pills in half or stop taking their meds altogether.
By 2025, consumers will have to pay an estimated $67 billion out-of-pocket for medications.
Are you tired of spending all your money on prescription meds? You’re in luck. Here are a few ways you can save money on prescription medication. With these tips, you can focus on your health without worrying about your wallet.
Become a savvy spender with these prescription discount tips today!
1. Buy a 90-Day Supply
If you’re currently under quarantine, you probably don’t want to pick up your prescriptions too often. In order to limit trips to the pharmacy, consider buying a 90-day supply online instead. Buying in bulk will help you save per pill and on gas.
Which medications are you taking for a long period of time? Are you treating a chronic condition? Focus on buying in bulk for the medications you’ll need for a while.
You might find an only pharmacy that provides 90-day or 120-day refills. Choose the option that best suits your prescription medication needs.
Choosing to buy in bulk is ideal for senior patients and for patients at high risk of contracting COVID-19.
If you have a busy schedule, it can also save you time. You won’t have to worry about visiting the pharmacy every 30 days for your medications. Instead, you’ll have peace of mind that your prescription meds will arrive at your door when you need them.
2. Switch to Generic Brands
Do you have an upcoming appointment with your physician? Ask them if you can switch to the generic version of the prescriptions you’re taking. It’s important to consult your doctor before you make the switch on your own.
Your doctor might list a reason they want you on the brand name instead. For example, the generic version might have adverse effects on another medication you’re taking. There’s a chance the generic version isn’t as potent as the name brand, either.
Otherwise, buying the generic version of your prescriptions can help you save money. These prescription meds are often listed at a lower price than their brand name alternatives.
Before you buy a generic brand medication, head online. Research the medication to make sure it’s FDA-approved.
Medications that are FDA-approved are manufactured using safe ingredients. These medications are also required to undergo rigorous testing. Confirming a medication is FDA-approved will ensure it doesn’t contain any harmful or unnecessary ingredients.
3. Comparison Shop
How much are you currently spending on your prescriptions? Americans spend an average of $1,200 per patient each year. About one in five adults don’t take their medications because of the cost.
If you’re looking to save money, try comparison shopping before you buy.
Comparison shopping will help you find the best prescription prices based on your budget. Make sure to review the similarities of both medications before clicking “Add to Cart.”
It also helps to consult your doctor before choosing medications. Try comparison shopping while you’re in the waiting room. You can consult your doctor after they write you a prescription to make sure you’re choosing the best option.
Remember, your doctor might have a reason they want you to take a specific prescription medication. Consulting them first will help you make choices with your health in mind.
There are many online resources that can help you comparison shop. You can also download insurer apps onto your phone. Have these apps already downloaded before your next appointment.
4. Ask for Samples
The next time your doctor prescriptions a new prescription medication, ask if they have any samples on hand. A pharmaceutical rep might have delivered a sample of the medication you need. By trying a sample, you have a chance to make sure the medication won’t cause harmful side effects.
Otherwise, you could purchase a medication that you only end up using for a week or two.
Taking samples of your prescriptions will help you make sure they won’t interact with your other medications. Then, you can buy a 90-day supply without worry.
If your doctor wants you to start multiple new prescriptions, asking for samples can help you save money for a few days (or even a week). That money can add up to help you save on the cost of medication.
5. Check the Expiration Date
If you’re struggling to cut costs, check your medicine cabinet. Take a look at the expiration date for your medications. In some cases, you can still take prescription meds that have passed their expiration date.
If you have any doubts, don’t hesitate to consult your physician.
6. Change Your Plan
You can also save money on prescriptions by adjusting your medical plan. Does your current plan cover prescription meds? If you’re spending a lot on meds, you might want to switch to a new plan.
While you’re at it, see if you meet the requirements for Extra Help. As a Medicare Part D participant, you could receive price breaks, which can help you save.
You might want to consider calling the pharmaceutical company that provides your medications, too. Some pharmaceutical companies offer patient assistance programs that can help you save money.
7. Talk to Your Doctor
Take the time to talk to your doctor about the current medications you’re taking. Let them know you’re trying to save money. They might help you adjust your medication plan to suit your budget.
If your medications aren’t accomplishing your health goals, you don’t want to keep taking them.
Instead, check-in with your doctor regularly to make the necessary adjustments.
Spend Smarter: 7 Tips for Saving Money on Prescriptions
Ready to save money on prescriptions? Don’t hesitate to start using these seven tips. With this savvy spending guide, you can cut the cost of medication.
Get ready to put a little more money back into your wallet!
Looking for more healthy, helpful tips? Check out our latest guides today!