Best Ways to save money on prescription medications
Read more for tips on how to save $ on your meds
Oct 11, 2020
Sticker shock is a huge barrier to medication adherence, but there is a reason why your doctor is prescribing you the medication. There are ways you can save some money and still get your medication.
- Get the generic version
- Use a manufacturer copay card
- Ask your pharmacy what their cash price is
- Ask for an alternative medication
- Research to see if there are any prescription assistance programs
- Ask for a tiering exception
- Get a 90 day supply
- Ask your doctor if he/she has any samples
- Shop around for a different insurance plan
Get the Generic Version
If the medication has a generic form, many state laws require pharmacies to substitute with the lower cost generic. If you live in a state that doesn’t require generic substitution, ask your pharmacist. You may be able to save a lot of money.
Generic forms of medications contain the same active drug as their brand name counterpart. Generic forms are heavily tested and are FDA approved. However, they differ from the brand name version based on the inactive ingredients, such coloring, flavoring, and tablet binders.
This may not be an option for you if:
- Your medication is not available as a generic form.
- Your medication is a narrow therapeutic index medication, such as lithium, warfarin, digoxin, levothyroxine or thyroid medications. This means even a tiny difference in the amount of medication between a brand and generic form of the medication can affect your body a lot. For these cases, check with your doctor. Your doctor will likely recommend that you not switch between generic and brand once your body has gotten used to the medication.
Brand name medications cost a lot more than generic versions because manufacturers of brand name forms had to go through many years of research and clinical trial testing to find a safe and effective medication that could be marketed. All that time and testing is very expensive. Generic forms don’t have that same cost because they don’t need to undergo that extent of development time and cost.
Use a manufacturer copay card
If your medication is a brand name medication, the manufacturer may offer a copay card. Try a quick Google search of your medication and see if they offer a copay card on their website. If there is one available, it can save you a lot of money.
Your insurance will pay the amount they cover for the medication. With the copay card, the manufacturer will pay the remaining amount and leave you with a more affordable copay (or even no copay at all).
Note: You are not eligible to use manufacturer copay cards if you have any type of government insurance plan, such as Medicaid or Medicare.
Ask your pharmacy for their cash price
The cash price is your out-of-pocket cost of the medication without going through insurance.
The cash price may sometimes be cheaper than paying your copay through insurance. Don’t be afraid to ask. (You may not want to pay the cash price if you are trying to pay down your deductible though.)
Shop around and ask multiple pharmacies. The cash price will differ from pharmacy to pharmacy since different pharmacies have different contracted purchase costs for the medication through their wholesaler. Don’t forget about independent pharmacies. Their cash prices can often be a lot lower than the chain pharmacies.
Note: I don’t recommend that you shop around if your medication is a controlled substance. Many states and insurance plans have restrictions on cash payment for controlled substance to protect their patients from overuse and inappropriate use of controlled substances. You should also try to fill your controlled substances at your regular pharmacy and not pharmacy hop for these medications.
Ask for an alternative medication
Check with your pharmacist or insurance plan to see what options may be more affordable, then talk to your doctor/prescriber. Your doctor will need to approve and prescribe the alternative if appropriate for you.
If your medication is a combination (contains 2 or more drugs in one tablet/capsule/liquid), getting the 2 medications separately may be a lot cheaper.
ie. Valsartan-Hydrocholorthiazide combination tablet can be switched to Valsartan and Hydrochlorothiazide as 2 tablets if your doctor approves the switch.
Getting a different strength may be more affordable.
ie. if your doctor prescribed 2 tablets of Metformin 500mg twice a day, taking one Metformin 1000mg tablet twice a day may be cheaper.
There may be a compounded version (especially for topical medications) that has an affordable cash price. Ask a specialty or compounding pharmacy.
Check for any prescription assistance funding programs
Some brand name medications have manufacturer funding programs. You may be eligible if you meet their salary requirement.
You may be eligible for funding programs, such as Patient Assistance Network program.
Ask for a tiering exception
Your medication may be covered on your plan on a high tier. Insurance plans categorize prescription drugs into tiers. Higher tier medications are more expensive and have higher copays than lower tier medications. Every plan has its own tiers and decides which medications they cover.
You can ask your insurance plan for a tiering exception. Your doctor will have to submit documentation to your insurance plan to show that the lower tier options are not effective for you.
If approved, you may only have to pay the copay for the lower tier.
Note: Most plans will not allow a tiering exception if your medication is in the specialty tier.
Get a 90 day supply
If you’re taking a chronic medication and your insurance plan allows a 90 day supply, the copay of a 90 day supply can be less than the copay of a 30 day supply paid 3 times.
Get an OTC version
If you’re taking a medication that has an over the counter version, purchasing the OTC version may be more affordable. Check with your doctor!
ie. Famotidine, Omeprazole, Differin OTC, Ibuprofen
Ask if your doctor has samples
If your medication is a brand name product, ask your doctor if he/she has any samples. You can try out the medication first to see if it works well for you before paying for the full supply.
Shop for a different insurance plan
Different plans cover different medications. They also have different copayment amounts and deductibles. Over time, this can add up and make a big difference.
Don’t forget to subscribe! Feel free to email me or use the contact me form if you have any questions.