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The increasing cost of prescription medications comes as a shock to patients and creates many problems for those trying to afford prescriptions. Current data shows that over 30% of patients have difficulty affording their prescription medications. As a result, many patients either miss doses or delay accessing the next refill of their prescriptions.
So, is there a way to continue your treatment at a reasonable cost? The answer is yes. There are practical tips that many patients already use to lower their medication costs. Here are some strategies you can implement right away.
Check Formulary Tiers and Ask About Generics
Each type of insurance will have their medications divided into different tiers based on the cost of the drug. The difference in price between the tiers can be significant. Reviewing your insurance formulary will allow you to see what medications are available and what tier they fall in so you can get more affordable alternatives.
You should start looking for generics. They have the same active ingredients as the brand-name version but at a lower cost. If a generic version is not available, your physician may suggest a pharmaceutical with similar active ingredients that is listed under a lower tier in your formulary.
Compare Prices with Discounts and Promotions
You could save money on medication with a discount pharmacy card or coupon. Many of these cards or coupons are accepted by all major chain pharmacies.
They can even get you a lower negotiated price for medications than your insurance copay in some instances. Taking a little time to compare your options can save a lot of money.
Look Into Manufacturer Savings Programs
Many pharmaceutical manufacturers offer programs to help patients save money. This is especially common with expensive brand-name medications. Here is what to do.
- Visit the drug manufacturer’s website for offers
- Ask your doctor about available patient assistance programs
- Apply online
These programs may offer patients coupons, rebates, or full coverage depending on their eligibility. In most cases, these programs are easy to apply for, and can result in significant savings over time.
Online/ Mail Order Pharmacies
Pharmacies that operate by way of mail order or online (internet pharmacies) can give you lower prices on your ongoing medications. They provide you with the convenience of home delivery and automatic refills.
For example, if you have an ongoing condition that requires you to take blood-thinning medication such as eliquis, you may want to buy eliquis from Canadian Pharmacy Online. You will be able to compare prices, locate discounts, and better understand safe refill practices.
Opt for 90-Day Supplies and Review Alternatives
Switching from a 30-day to a 90-day supply can reduce the cost per dose and cut down on repeated pharmacy fees. Many insurance companies offer additional incentives for patients who choose this option.
Many insurance plans incentivize this option with lower copays. Also, talking to your healthcare team about your prescription medications periodically may provide more affordable options that produce exactly the same results.
Simple Decisions Can Significantly Cut Medication Expenses
You don’t have to make drastic changes to your lifestyle or the quality of your healthcare to lower your medication costs. It is just a matter of saving money by making informed and deliberate decisions.
Simple efforts can all add up to substantial savings in no time at all. Work closely with your doctor to ensure that the cost-saving actions you make are still acceptable under your treatment plan.
