How to Save on Prescription Drugs

Prescription drug costs can take a big bite out of a budget, especially for people who take multiple medications or need expensive drugs. Some people skip doses, delay refills or don’t fill prescriptions at all because of cost, which can put their health at risk. Fortunately, there are many ways to save on prescriptions without skipping needed medication.

Ask about generic drugs

Generic drugs generally cost much less than brand-name drugs, often dramatically less. The U.S. Food and Drug Administration requires generic drugs to have the same active ingredient, strength, dosage form and route of administration as the brand-name drug, and to work the same way in the body. Generics must meet FDA standards for quality and manufacturing.

When your doctor prescribes a medication, ask whether a generic version is available. Pharmacists can often substitute a generic for a brand-name drug unless your doctor specifies otherwise. If no generic exists for your medication, ask whether a generic alternative in the same class of drugs might work for you.

Compare prices between pharmacies

Drug prices can vary significantly between pharmacies, sometimes by a large amount for the same medication. Compare prices online using price comparison tools, or call several pharmacies to ask about prices. Large retail chains, grocery store pharmacies, warehouse club pharmacies and independent pharmacies may all charge different prices.

Sometimes a discount card or the pharmacy’s cash price is lower than your insurance copay. Free prescription discount cards and apps can offer substantial savings, particularly for generic drugs. However, payments made using discount cards or cash prices may not count toward your insurance deductible or out-of-pocket maximum, so consider how that affects your overall costs.

Some pharmacies offer low-cost generic programs with set prices for common generic drugs.

Other ways to save

Ask about 90-day supplies or mail-order options. Many insurance plans offer lower costs for 90-day supplies, especially through mail-order pharmacies, compared with 30-day supplies. Mail order can also be convenient for ongoing medications.

Check your plan’s formulary, the list of drugs covered by your insurance, for lower-cost alternatives. Formularies often organize drugs into tiers, with lower tiers costing less. If your medication is on a higher tier, ask your doctor whether a lower-tier alternative could work.

Ask your doctor about lower-cost options in the same drug class. Many conditions can be treated with several different medications, and some cost far less than others. Your doctor may be able to prescribe an equally effective, less expensive option.

Look for manufacturer patient assistance programs if you have limited income. Many drug manufacturers offer programs that provide free or discounted medications to people who qualify based on income and insurance status. Manufacturer copay cards can also reduce costs for brand-name drugs for people with commercial insurance, though they generally can’t be used with government insurance like Medicare.

Use tax-advantaged accounts. Health savings accounts and flexible spending accounts let you pay for prescriptions with pre-tax dollars, effectively reducing their cost.

Ask about samples. Doctors sometimes have free samples of medications, especially newer brand-name drugs, which can help you try a medication before committing to a full prescription.

Medicare prescription drug protections

Under recent federal law, Medicare Part D now has a yearly cap on out-of-pocket prescription drug costs, which can provide significant savings for people with high drug costs. Covered insulin costs are capped at $35 a month for people with Medicare. Medicare also now negotiates prices for certain high-cost drugs.

People with Medicare and limited income and resources may qualify for the Extra Help program, which helps pay Part D premiums, deductibles and copays. Medicare beneficiaries can also compare drug plans each year during open enrollment using the Medicare Plan Finder to find the plan with the lowest costs for their medications. Check medicare.gov for this year’s details.

Talk to your pharmacist

Pharmacists are valuable resources for saving money on prescriptions. They can often suggest ways to save, explain your insurance coverage, identify generic alternatives and help you understand discount programs. Don’t hesitate to ask your pharmacist whether there’s a cheaper way to get your medication.

Stay safe

Don’t stop taking, skip doses of or change medications without talking to your doctor, even if cost is a concern. Your doctor can work with you to find affordable options.

Only buy medications from licensed pharmacies. Some websites sell counterfeit, contaminated or unapproved drugs, which can be dangerous. The FDA’s BeSafeRx resource can help you identify legitimate online pharmacies.

By combining these strategies, many people can significantly reduce their prescription costs while continuing to take the medications they need.