If you feel like you’re paying more for prescriptions than you used to, you’re not imagining things. Adjusting for inflation, Americans spent an average of $1,073 on prescription drugs in 2018, compared with $140 in 1980—a more than sevenfold increase. According to a 2019 Kaiser Family Foundation poll, one in four adults finds it difficult to afford their prescription drugs.
Medicare, Medicaid, and employer or private insurance can help in lowering your drug costs at the pharmacy, but they’re not always the least expensive option. Drug prices are not regulated and can vary widely—sometimes by $100 or more—from store to store, and even from day to day. Prescription drug discounts can be an effective way to reduce your spending—if you do your homework. Aside from asking your doctor to prescribe a cheaper generic version of a drug instead of its brand name—if available and not contraindicated for you in any way—here are your money-saving options:
- Manufacturer discount coupons. If your doctor says you need a brand-name drug, start by looking for manufacturer coupons. These may be combined with your own insurance to lower your copay. Your doctor may have coupons to pass along, and the manufacturer’s website could offer some as well.
- Pharmacy savings plans. Generic drugs are often less expensive at large chain pharmacies (like Walgreens and CVS) or shoppers clubs (like Costco). These stores offer savings programs that can lower your costs, but they can’t be combined with insurance or other discounts.
- Prescription drug discount programs. Programs like GoodRX, SingleCare, Blink Health, ScriptSave WellRX, and RxSaver offer discounts on prescription drugs of up to 85 percent. They provide a printable coupon (or a virtual version in a phone app) that you show to the pharmacist when you have your prescription filled. These coupons usually cannot be combined with your insurance, so the pharmacist can tell you whether the coupon or your own copay makes more financial sense. Prescription discounters may also fill your prescription online, and sometimes they even include delivery.
A closer look at prescription drug discount programs
Prescription drug discounters negotiate bulk purchases with various pharmacies at reduced prices, then receive a payment whenever a customer purchases a prescription drug using one of their cards. These companies also make money from advertisements on their websites. As a result, these programs are usually free, at least at the entry level. If there’s an associated cost, it’s usually for a premium level that goes beyond a simple coupon card. For example, GoodRx offers a gold program at $9.99 per month for individuals and $19.99 per month for families. The program provides deeper discounts on generic drugs, free home delivery, and access to inexpensive virtual appointments with licensed healthcare providers for short-term refills of your prescription medication if you can’t access your regular doctor, and for a limited number of other drugs.
Each discount program has negotiated its own relationships with pharmacies and its own pricing, and the cards are not accepted at every pharmacy. To choose the best one for you, plug in your prescription specifics on the company’s website to see the real price you’ll pay, and whether the program offers your medication at a pharmacy that’s convenient for you. (You should never be asked for personal information like your health insurance or social security number.) You may find that one-stop shopping is not your best bet—it may be most cost-effective to have different prescriptions filled through different programs. And insurance may still be your best option for some prescriptions.
For example, in a recent search, we found that 30 tablets of 40mg atorvastatin (Lipitor) cost $18.97 through GoodRx and $6.99 at Blink Health (with free home delivery), while 30 capsules of 40mg omeprazole (generic Prilosec) ranged from $7.53 to $18.83 (and as little as $4.16 for a one-time offer) at GoodRX and $6.20 through Blink Health. (Note: These prices were accurate as of publication time but could change at any time.)
So if you take three different medications, it’s possible that your best money-savings option may have you filling one prescription at your regular pharmacy through your insurance, one at your regular pharmacy with a discount card, and one through a discount online pharmacy. It takes a bit of time to research your best deals, but the savings can be substantial.
Although purchasing your prescription medication using a discount program sidesteps your insurance and therefore will not count toward your annual deductible, some insurance plans (including Medicare and Medicaid) allow you to be reimbursed under certain conditions. It’s worth a try to submit your pharmacy receipts, along with a prescription reimbursement form, and tell your insurer that the cost was less than it would have been by going through your plan.
Also, even if you find that your medications are less expensive through a discounter than through your Medicare drug plan, don’t let your Part D coverage lapse. Coupons can become unavailable, you may need a new medication later on that’s most affordable through Medicare, and if you re-enroll in the drug plan later on, you may face a late enrollment fee on your premium every month going forward.
Finally, exercise the same amount of caution you would when doing anything online. Understand that these companies will have your contact, demographic, and health information, and you’ll probably see an uptick in unwanted marketing as a result. And before you enter any private information into a company’s website, make sure it has lots of independent, positive online reviews and is accredited by the Better Business Bureau (as all the ones mentioned here are).
BOTTOM LINE: There are lots of ways to pay less than full retail price for your necessary prescriptions. Insurance or Medicare may still end up being your best option, but prescription drug discounters are a quick, easy, no-commitment way to potentially save quite a bit of money. They’re certainly worth a closer look before your next trip to the pharmacy.
