Prescription coverage is one of the Essential Benefits of the Affordable Care Act. By law, most health insurance plans cover prescription drugs to varying degrees. Nonetheless, even with insurance, most Americans still face some costs for their medication.
Medication may still be a significant cost burden for many consumers. Most Americans want to save as much as they can on their prescriptions, and there are many ways that they can do so.
Ways You Can Save on Prescriptions
Your health plan likely provides a varying degree of coverage for medications. Some plans may provide more coverage than others for different types of medicine. Even if you have health insurance, you often still face drug co-payments or other costs. Your prescription costs may vary based on your specific plan.
If you struggle to pay for your medication, even with insurance, you do have options. Insurers, manufacturers and the government make allowances to help people better afford medicine. If you feel you need extra cost assistance to maximize your savings, consider these tips.
- Compare the drug options available to you. Often, multiple drugs treat the same conditions. Some might be cheaper than others. Insurers often issue formularies that list the drugs they cover on their plans. By choosing between formulary medications, you can often pick one at the lowest cost.
- Consider buying generic drugs compared to brand-name medications. They usually cost significantly less. Generics usually have identical or very similar makeups compared to other brands. Being generic usually has no effect on a drug’s ability to treat a condition.
- Ask if the quantity of pills you buy can save you money. For example, some prescriptions come at lower prices if patients buy 90-day supplies compared to 30-day supplies.
- Compare the prices of drugs at different pharmacies. Some retailers or drug stores offer lower prescription prices, leading to consumer savings.
- Ask about manufacturer coupons. Drug manufacturers routinely issue coupons for savings on many of their prescriptions. Often, a patient can submit their insurance or pharmacy information to the manufacturer to see if they qualify for a coupon. These coupons sometimes renew with every prescription. This means you will have ongoing discounts for a period of time and possibly permanently.
- Some states offer help for certain citizens afford their medication. Check into your state’s laws to see if you might qualify for help.
Always talk to your doctor about your concerns for prescription affordability. Your physician can likely help you explore options to get the cheapest price for your medicine. Remember, it is never okay to skip doses or not take your medicine. You do have ways to get the medication you need and still save.
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