Prescription drug costs are one of the main problems in the healthcare system of the U.S. They continue to climb despite the numerous proposals and attempts to control the drug prices in the country. One of the potential reasons behind it is the extensive and costly process of developing a new drug.
At the moment, the most appropriate solution is to equip yourself with different alternatives to reduce the cost of your prescription drugs. There are immediate steps you can take to save a substantial amount of money without compromising your health.
Read on to find out how you will possibly save cash on the soaring prescription drug prices.
Look For Generic Options
Your prescriber might typically give you a brand-name prescription drug, but it doesn’t necessarily mean you have to pay a sky-high price for your medications. For your reference, about three-fourths of all FDA-approved drugs have generic versions, and they are accessible at a lower price.
If your budget is tight and you want to save money, you can opt for the generic equivalent of your prescriptions. They have the same active ingredients as branded drugs. With a cost of 30 to 80 percent less than the brand-name drugs, you can get the same medical benefit and efficacy with the generic options.
Shop Around Different Pharmacies
The prices of prescriptions can vary significantly from one pharmacy to another. A prescription cost of $10 could go up to $80 at the next pharmacy, and such notable price differences are due to several factors. Nevertheless, you might have to take an extra mile if you want to save a substantial amount on your medications.
Based on the study published in USC Schaeffer, every consumer could expect to save at least $175 by shopping around different pharmacies in the neighborhood. However, it should be noted that there’s no easy way for you to know how much a drug is marked up before hitting the shelves. It might take a lot of work, but you can start by checking the best deals on the advertised prescription drugs. You’re lucky enough if you also find pharmacies that will quote prices over the phone.
Sign up For Patient Assistance Programs
Pharmaceutical companies, non-profit organizations, or state governments offered various assistance programs to patients who cannot afford their prescriptions. Try to sign up for any of them to see if you’re eligible. Note that each assistance program may vary from one another. But generally, they might require an application.
Depending on the program, you might be obliged to provide detailed medical and financial information. Most likely, it will also require the signature of your doctor. For further information, you can search different patient assistance programs online. If you’re qualified, you can acquire your prescriptions at a lower to no cost at all.
Utilize Reliable Prescription Coupons
If you don’t have health insurance, you can utilize reliable prescription coupons to help you save up to 80 percent off your prescription costs. But make sure that the coupon covers the medications you’re taking. It’s also essential to note that the savings you’ll get on the coupon depend on the pharmacy’s price where you’re going to make the purchase.
Even if you have insurance, discount coupons can still provide you substantial savings, especially if you already reach your plan’s maximum limit. You can also save cash on your prescriptions by paying your prescriptions out-of-pocket. Because in some cases, the retail price of your medication after a coupon might be lower than your insurance company.
Think About Mail-Order
Mail-order and online pharmacies are cheaper and more convenient. You can often fill a ninety-day supply of your prescriptions when using a mail-order pharmacy. What’s more surprising is that you can reduce the cost by up to 29% if you buy your medications in bulk, according to a study published on PubMed.gov.
However, if you’re starting on a new prescription, it would be best not to buy in bulk right away. Doing so might cost you more if the medicine doesn’t work well with you due to its side effects. Besides that, you also have to take extra precautions when filling your prescriptions online by ensuring that the pharmacy is licensed to operate.
Speak With Your Doctor
Most often, doctors don’t have an idea of how much their prescriptions cost. If you have a hard time to afford your medications, never hesitate to speak up to your doctor. According to one finding, two-thirds of patients who talked to their doctors about prescription costs were given a lower-cost alternative.
Some doctors may also refer you to a medical assistance program that can help you acquire your prescriptions for a lower cost. The key is to talk openly to your doctor if the medication is too expensive for you. You’d be amazed at the list of options they can give to help you afford your prescription drugs a little more comfortably.
Takeaway
The soaring prescription drug prices might be hard to bear financially. But skipping your medications to save money isn’t also a good idea. There are many ways to reduce your prescription costs without having to compromise your health. The first step is to ask for help when you need it.