The cost of prescription drugs in the US can be enough to make you sick.
What you pay will vary greatly depending on the drug, the pharmacy, your insurance plan, and your deductible, among other things. A drug that was cheap or at least affordable the last time it was filled may be much more expensive next time or not covered at all.
People often have no idea what a prescription will cost until they get to the pharmacy counter, says Leigh Purvis, director of health care costs and access to AARP’s Public Policy Institute.
Still, finding a way to afford your medication is important. People who don’t take medicines as prescribed because of the cost could get sicker — or die.
“What’s a potentially relatively small problem today, like high cholesterol, could grow into a much bigger problem like a heart attack down the road if you don’t treat it,” says Purvis.
CONTACT YOUR DOCTOR AND YOUR INSURANCE PLAN
Your doctors may not know what your medications are costing you because they’re dealing with dozens of insurance plans with different formulations or drug lists and how they’re covered, Purvis explains. In addition, insurers can do business with certain pharmacies, so a drug that costs $60 at one may cost $160 at another.
If a drug is difficult to afford, your doctor may be able to suggest alternatives, such as B. a generic or another type of drug. Two other questions to ask: Is a medication you’ve been taking for some time still necessary, and what lifestyle changes might reduce or eliminate the need for a prescription?
If you have insurance, carefully review your drug coverage options each year at open enrollment—the annual fall period where you choose your health plan for the following year. Make a list of all your medications with their dosages and check how each plan covers them. Insurers change their forms regularly, so you may need to switch plans to get the best coverage. And even if your medication is covered, you usually have to pay for prescriptions out of pocket until you reach your deductible.
Your insurer or pharmacy may offer a shipping option to reduce costs, but don’t assume this is your best option. A shopping spree could result in significant savings.
SEE THE ONLINE PRICES
Start your search on the internet. The number of online pharmacies has exploded in recent years, giving you many more opportunities to save.
Amazon launched a full-service pharmacy in 2020, joining established pharmacies like Costco.com and HealthWarehouse.com. Additionally, several limited-service startups — including Cost Plus, GeniusRx, Honeybee, Ro Pharmacy, and ScriptCo — are offering generic drug deals.
The startups don’t typically buy insurance, but their prices can be less than the typical co-pay, according to Consumer Reports. For example, the consumer research organization found that a 30-day supply of 20 milligrams of atorvastatin — a cholesterol medication — ranged from $14.60 at Amazon and $13.99 at Costco.com to $3 at Honeybee and just 54 cents at ScriptCo was enough. In contrast, insurance copayments for workers with prescription drug coverage last year averaged $11 to $12 for the cheapest drugs, including many generics, according to KFF, the nonpartisan health care think tank formerly known as the Kaiser Family Foundation .
Your savings may be offset by membership fees: Amazon’s Prime membership — which you need if you want the lowest prices — is $139 per year or $14.99 per month, while ScriptCo is $140 per yearly or $50 per quarter. Costco has a $60-a-year membership fee, but you don’t have to be a member to order prescriptions online or from the warehouses.
EXPLORE OTHER DISCOUNTS
GoodRx has a website and app that allows you to compare prices at nearby chain pharmacies and offers free coupons that can save you up to 80% off the list price. Find another price comparison tool that includes local pharmacies at NeedyMeds, a nonprofit organization that helps people find drug manufacturing discount programs and other ways to reduce drug costs. Additionally, several chains, including Walgreens, Walmart, Kroger, and HEB, have rebate programs.
An often-overlooked alternative for Medicare beneficiaries is the Extra Help program, which aims to help older people with limited income and resources pay for their medications, Purvis says. You can apply online or by calling 800-772-1213.
BEWARE OF DRUG INTERACTIONS
Finding the best prices can take a lot of time and effort. And people aggressively searching for the cheapest drugs could be at hidden risk if they receive multiple drugs from different pharmacies, Purvis warns. Without a single pharmacist to oversee their supply, they risk potentially harmful drug interactions.
You can use an online drug-drug interaction checker like the one on WebMD, but ideally ask your GP or pharmacist to review your full medication list at least once a year.
“It’s really important to make sure someone is seeing the big picture,” says Purvis.
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This column was provided to The Associated Press by personal finance website NerdWallet. Liz Weston is a columnist at NerdWallet, a certified financial planner and the author of Your Credit Score. Email: lweston@nerdwallet.com. Twitter: @lizweston.
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NerdWallet.com: How to save money: 22 proven ways
Social Security Administration: Additional help with Medicare plan costs for prescription drugs