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8 Ways to Save Money on Medication Costs

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In life, it is usually easier to spot the large expenses compared to the small, everyday ones. Take medical expenditure for example. You have probably bought medical insurance with a big sum insured and critical illness cover just to ensure that your finances stay stable during any medical emergencies.

But how many times have you calculated the money you spend on buying regular medicines for minor health issues like cold, fever, headache, or minor cuts and bruises? And these are recurring in nature. You probably don’t worry too much about the monthly expenses on the medicines you need for your high blood sugar or pressure. However, these small expenses add up. Which is why, this blog elaborates on how you can save money on medication costs.

Ways to Save Money on Your Medication Costs

1. Ask for a Generic Drug:

When your doctor prescribes medication, ask for the generic option. Generic drugs have the same ingredients and effect as the brand name drugs, but theycost at least 30 to 80 percent less. Many popular branded medicines are now available generically such as heartburn medicines, cholesterol-lowering statins, antihistamines which are non-sedative and some Type 2 diabetes drugs. The Food and Drug Administration (FDA) has approved generic drugs as safe and effective.

2. Research Your Medication Co-pay:

Co-pay or co-payment is the amount that you need to pay while settling a claim while the remaining amount is paid by the insurer. When you are buying prescription drugs, check with your insurer about `co-paytiers’ on your insurance plan. These co-pay tiers vary for generic drugs (1st tier), preferred drugs (2nd tier) and for branded drugs (3rd tier). Sometimes, the co-pay may cost you more than when you buy the medicines from your own pocket. So, ask your insurer to provide its drug formulary, that is, the list of medicines which are covered. If you are still not sure about the cost, check with your insurance provider about co-pays for your medications. Your pharmacist can also help you about co-pay and suggest alternatives that are both cost-efficient and effective.

3. Talk to Your Healthcare Providers About Cost:

If you have co-pay for your prescribed medicines, talk to your doctor and mention that you prefer generic and low co-pay drugs. In case of co-insurance, since you need to pay a part of the total cost, the lesser the cost, the lower co-insurance portion you need to pay. Over the counter (OTC) or without prescription drugs are not covered in insurance but are usually less expensive than prescription drugs.

4. Shop Around:

If you have not opted for co-pay and need to pay the full amount of the medication costs, it is better to compare the prices offered by different pharmacies as the prices can vary based on the volume of medicines and location. Also, if you are a regular buyer, your pharmacist can give you medicines at affordable rates.

5. Look for Patient Assistance Programs:

In case you cannot afford to buy medicines, there are patient assistance programs which offer free or less costly medicines. They also provide low or no-cost co-pays for certain drugs. The patient assistance programs can be found on the websites of many pharmaceutical companies.

6. Ask for Free Medication Samples:

Often doctors have free samples of prescription medicines. You can ask your doctor for the same and if they are brand name drugs, check if generic options are available. If there’s no generic available and the brand name drug is expensive, you may need to pay from your pocket once the sample gets over. There’s no point in buying an expensive branded medicine if a generic one is available. Generic drugs are equally effective.

7. Discount Coupons:

Some medicine stores and drug companies offer discount coupons or other incentives for specific medicines. The discount coupons may not be applicable for certain medications like anxiety disorders. If you don’t have any discount coupon, you can ask for a discount from the pharmacist. Many chain pharmacies have in-house discounts for prescription drugs.

8. Only Buy Reliable and Trustworthy Medications:

Buying medicines online can be cost effective and quick but it can also be risky. Check for the authenticity of the online pharmacy store. Do not buy from unreliable websites as you can end up getting wrong or fake medicines, and even expired drugs.

Conclusion

If you are on long-term medications or on branded drugs, your expenses can be quite high. But you can save money on prescription medicines by following the above tips. You can also talk to your healthcare provider for cost-effective alternatives or generic options or free samples. However, whether you are on medication or not, having medical insurance is a must to stay protected financially during a medical emergency.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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