Photo: Kristen Prahl (Shutterstock)
Medication can be notoriously and prohibitively expensive in the U.S. Lack of price regulation, exclusivity rights, and general capitalistic forces contribute to this, but there are ways you might not be aware of that can save money on your prescriptions without forfeiting your health and financial stability.
Use specialized apps or coupons to save on prescription costs
Apps like GoodRx are great if you don’t have insurance. You can’t use discount cards or apps in conjunction with insurance; it’s either-or. These are usually free and while your pharmacy will pay a transaction fee, they probably won’t mind because they’re getting paid upfront by you rather than having to go through an insurance company and wait for reimbursements. Plus, they know you may develop more loyalty to the pharmacy that way.
If you have a high deductible, a high copay, no insurance, or your insurance isn’t covering a certain medication, GoodRx, RxSaver, and their ilk are solid options for you. Your doctor may also have actual coupons for the drugs you’re prescribed, so ask them about those at your visits. Using discount cards and coupons for drugs isn’t quite the same as your usual coupon-clipping: You have to be specific and, at times, ask directly for what you need. Luckily, on apps like GoodRx, the prices for each drug at all participating pharmacies will be listed, so you can easily figure out which pharmacy to go to for maximum savings.
If there is a generic version of your drug available, check to see if it’s listed on Cost Plus Drugs, Mark Cuban’s new online pharmacy. The billionaire investor recently launched the site with more than 100 generic medications, which users purchase upfront for a fraction of what they would pay at a traditional pharmacy. There are limited options and you’ll need to check with your doctor about switching to generic, but if your meds are on there, expect some savings.
Ask about a prior authorization
This advice comes from personal experience: When I got this job and switched my health insurance, I went to the pharmacy to get my medicine, as I do every month. Instead of my usual $90, I was asked for about $500. I walked out, panicking, but after contacting an insurance rep, I was able to easily secure a prior authorization that brought my monthly cost down to about $50—less than before.
A prior authorization, also known as a preauthorization, occurs when your insurer decides your service, treatment, drug, or equipment is medically necessary and opts to cover the cost. Your insurer should list covered drugs on their website, but if they don’t or you don’t see your meds, talk to your doctor. For me, it was as simple as my doctor sending the company a note saying that yes, I needed this medication, so yes, they should cover it. It may not always be that easy, and your insurance may kick up more of a fight, but it’s worth a shot. I was able to figure all this out using the chat function on the insurer’s website; you may not even have to make a phone call.
Talk to your doctor about your finances
When a doctor prescribes something, you may not feel empowered to participate in the decision-making process. But if a medication is too expensive for you, it’s important to tell them so you can discuss other options. In some cases, there could be swaps the doctor can make, whether that means getting moved to a generic version or a slightly different medication that can address your issues comparably to how the pricier one would.
Use a flexible spending account (FSA)
A flexible spending account is part of some benefits packages and allows you to transfer pre-tax money from your paycheck to a debit card that you can then use for health-related expenses, including copays. While it’s true that’s still your money, an FSA card enables you to use pre-tax funds, so you’ll save whatever taxes you would have paid on the money. Plus, having money budgeted for recurring health needs is important, and you won’t feel like your checking account is taking such a massive hit every time you head to the pharmacy. The only word of caution here is that any FSA money you don’t use up by the end of the yearlong period is forfeited, so if you set aside money through your benefits for this purpose, be sure you have a plan to use it. (Here’s how to use your unspent FSA funds.)
