6 Ways to Reduce Your Prescription Drug Costs

The average American spends about $1,300 annually on prescription drugs, and 1 in 4 Americans struggle to afford their medications. Prescription drug prices in the United States rank among the highest globally. However, reducing your prescription drug costs is easier than you may think. Consider the following strategies to help lower your expenses:

1. Request Generics When Available
   A generic drug is identical, or bioequivalent, to a brand-name drug in dosage form, safety, strength, route of administration, quality, performance characteristics, and intended use. Generics can cost significantly less than their brand-name counterparts.
   

2. Ask Your Pharmacist for the Full Cost
   Understanding the full cost of the medication you are receiving will help you understand how much your insurance is covering and what you are paying out-of-pocket. This will empower you to manage your healthcare expenses wisely and plan accordingly.
   

3. Order a 90-Day Supply
   Once you know a prescription works well for you, ask if you can get a 90-day supply instead of a 30-day supply. This often results in savings.
   

4. Use a Preferred Pharmacy
   Many employers have negotiated lower costs through preferred pharmacies. Find a pharmacy in your network to secure a lower copayment and save on costs.
   

5. Call Your Insurance Company
   Every drug plan has a formulary—a list of covered drugs. Call your insurance company and ask if your prescribed drugs are covered. If they are not, inquire about available alternatives.
   

6. Shop Around
   Small and independent pharmacies often have lower prices than large chain alternatives. It might be worth filling your prescription at a local pharmacy.

If you have questions about your prescription drugs, talk to your pharmacist. They may know of additional cost-saving tips and can provide guidance.

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This Know Your Benefits article is provided by Prescription Network and is for informational purposes only. It is not intended to replace the advice of an insurance professional. © 2020, 2023 Zywave, Inc. All rights reserved