Here’s How You Can Save Money On DrugsJuly 2, 2020
Save Money On Drugs: Well, if we give you a situation where you have limited cash and you have to choose between purchasing groceries and filling a drug prescription, what will you choose? We are sure that 80 percent of people will skip taking medication due to its high cost.
Millions of American citizens feel the burden of increasingly expensive prescription drugs and this, in turn, forces people to not choose medication, thus jeopardizing their health.
In the present time, the consumers pay out-of-pocket for prescribed drugs that are rapidly escalating, from about $25 billion in the year 2000 to a projected $67 billion in the year 2025. To make it even worse, many people do not own health insurance. That means they must pay for all prescription medications themselves.
Fortunately, there are a number of ways that can potentially minimize the effect that the accelerating prescription drug crisis has on your healthcare.
In this blog, we will talk about drug pricing as well as discounts, thus providing answers to all your common questions that you must know about.
Reasons for High Prescription Drug Prices
You will be amazed to know that American citizens pay the highest costs for prescription medications in the world? A person can partly attribute the exorbitant prices to an intricate & extensive drug research and development and approval process, along with an equally complicated healthcare system.
Without any doubt, we have also been extremely benefited from innovations in disease management for which there were little to zero treatment options earlier.
However, opponents of pharmaceutical organizations argue that only a small percentage of the drug firms’ costs are utilized for R&D in which most of the money is spent on administration as well as brand-name drug marketing.
Companies selling drugs never disclose the whole and actual story behind the increasing price of prescriptions.
Third-party administrators known as pharmacy benefit managers (PBMs) are paid to negotiate prices between pharmacies & large insurers. These PBMs even charge pharmacy providers either a percentage or a flat fee for each prescription filled that further contributes to high drug prices.
Also Read: Reasons for the Rising Healthcare Expenses
Ways To Save Money On Medication
Nobody likes spending the entire hard-earned money on something. With that being said, it is always important to discover effective ways to save money. The same goes for medication costs as well!
If you too wish to get a low price on your prescriptions, then here are four easy ways you can consider:
- Go For Generic Drug Options
Over 80 percent of all drugs now are generics that use the same active ingredients as brand-name medicines. In fact, they work the same way but cost a lot less than their pricey brand-name counterparts.
Most importantly, manufacturers of generic drugs do not have to repeat the animal as well as clinical (human) studies that were needed for the brand-name medicines to demonstrate safety & effectiveness.
In addition to this, the competition among numerous firms manufacturing a generic version of a drug eventually keeps the prices low for consumers.
- Discover Discount Coupons Online
This is yet another simple but effective way to save money. All you need to do is Google search for your prescription drug, over-the-counter medicine, or healthcare supplies. This will ultimately show you sites that offer money-saving coupons.
Drug coupons may not lower your copay; however, your pharmacist will apply them to your drug purchase to lower the price.
- Rely On Apps & Compare Local Drug Prices
You will certainly find a number of websites as well as mobile apps that help to find the best price available for a prescription drug. One such app is GoodRx! It will help you to compare shops & acquire coupons toward medications.
GoodRx not just collects & compares prices but also discounts that you didn’t know existed from over 70,000 U.S. pharmacies such as CVS, Rite Aid, and Walgreens. It even allows consumers to print free discounted coupons or send them to your phone by email or text message.
You can use a GoodRx discount rather than your health insurance or Medicare Part D or Advantage plan if the cost is lower than your copay.
- Shop Local Pharmacy Network
Independent pharmacies beat major chain drug stores, supermarkets, and big-box discounters on price and by an impressive margin. They can even beat membership warehouses as well as clubs.
On the other hand, the preferred pharmacy network (which is a group of chain pharmacies) gives insurance plans a larger discount than any pharmacies.
So, consider the aforementioned points, be a smart consumer, and save your money the next time you purchase drugs!