Prescription costs have become a massive financial burden for countless American households across all socioeconomic levels. The staggering statistics highlight the urgency of this national issue.
In 2023, the United States spent $722.5 billion on prescription medications, an average of around $2,170 per person.
With projected increases of up to 12% in 2024, the problem shows no signs of slowing down, making it crucial to explore ways to save on prescription medication and lower prescription costs.
As a family of five with three little kids who share their school germs with each other and us, we’re also on a tight budget since retiring young. So finding ways to save on prescriptions is quite important to us.
That’s why we’ve thoroughly researched various strategies to save money on medications, and we’re excited to share these insights with you.
30 Actionable Ways to Save on Prescriptions and Lower Costs
Take control of your medication costs with these 30 tips to save on medication. By implementing these strategies, you can free up valuable financial resources and gain peace of mind when it comes to managing your healthcare expenses.
1. Discuss Prescription Drug Costs With Doctor for Cheaper Options
An excellent way to save on prescriptions is to discuss costs with your doctor.
Be completely transparent about financial limitations right from the start, allowing for an open, collaborative discussion to thoroughly explore any alternative, affordable treatment options that could still effectively manage your conditions long-term.
2. Buy Generic Drugs Instead of Brand Names to Save Up to 80%
Choosing generics over brands is a tried and tested way to lower prescription costs. According to the FDA, generic drugs can save consumers up to 80% compared to brand-name equivalents.
Ask your doctor if a generic version of your medication is available. Generics offer the same therapeutic benefits at a small fraction of the brand’s excessive cost.
3. Use Patient Assistance Programs for Discounts and Free Medications
Take advantage of assistance programs to save on prescriptions. Check if you meet the eligibility criteria to qualify for patient assistance programs offering big discounts, copay assistance, or even free medications based on income level or age.
4. Compare Pharmacy Prices to Find Lowest Prescription Costs
Don’t assume your local chain pharmacy has the best prices. A smart way to save on prescriptions is to call around or use price comparison tools to identify which nearby pharmacy can fill your prescriptions at the lowest out-of-pocket cost.
5. Maximize Insurance Benefits for Lower Prescription Copays
For those with prescription drug coverage, become an expert on the intricate details of your plan’s drug formulary, pricing tiers and coverage rules. Use preferred pharmacies and opt for lower-tier drugs when possible to minimize deductibles and out-of-pocket costs.
6. Get Free Prescription Drug Samples From Doctor
An often-overlooked way to save on prescriptions is to request free samples. Don’t be shy, always ask your doctor for any available free sample supplies, especially when starting a brand-new, expensive medication.
Pharmaceutical samples provide temporary cost relief while vetting effectiveness.
7. Get 90-Day Prescription Refills for Better Pricing
For maintenance medications you’ll need refilled repeatedly long-term, getting 90-day supplies is an excellent way to save on prescriptions.
Request or switch to 90-day refill supplies whenever possible to get a bigger discount on the overall per-dose pricing compared to 30-day fills.
8. Use Mail Order Pharmacies for Bulk Pricing Discounts
Another way to lower prescription costs is to consider convenient mail-order options, which can offer bulk pricing and potentially provide the lowest overall costs for medications you’ll take indefinitely, with the added perk of home delivery.
9. Split Pills to Get Higher Dosage for Less Cost
If your doctor approves, a cost-effective way to save on prescriptions is to look into safely splitting pills that are scored and designed to divide easily. This allows you to buy a higher overall dosage at a lower cost than the prescribed partial amount when purchased whole.
10. Use GoodRx for Best Cash Prices on Prescriptions
The GoodRx app and website provide free coupons that automatically compare prices and apply the lowest negotiated rate for cash purchasers across every pharmacy in your local area for incredible savings.
This proven method is a reliable way to save on prescriptions.
At the suggestion of several pharmacists friends we use GoodRx.
Sign up for GoodRx through this link and receive a free prescription discount card and new users receive a $5 Visa Prepaid Card.
11. Try Prescription Savings Apps for Discounts and Coupons
Similar to GoodRx, try prescription savings apps and tools like RxSaver, OptumRx and ScriptSave WellRx to identify additional discounts, cash price comparisons and coupon offers. These resources can help you save even more on your prescriptions.
12. Get Low Cost Prescriptions at Costco Pharmacy
Visiting Costco Pharmacy is a convenient way to lower prescription costs. Costco has cultivated a stellar reputation for offering unbeatable retail prices on prescription drugs that routinely undercut competitors, and you don’t need to be a Costco member to use their pharmacy services.
We also use Costco Pharmacy.
13. Try Amazon Pharmacy for Transparent Low Pricing
Consider Amazon Pharmacy as another potential way to save on prescriptions.
Amazon’s online pharmacy service aims to upend traditional pricing through radical transparency, showing the completely unbundled costs to secure low prices, with the convenience of home delivery.
Related: My Secrets: How To Get Amazon Coupons, Discount Codes, Promo Codes, Free Stuff, and Deals
14. Use Cost Plus Drugs for Medications at Cost Plus 15%
Entrepreneur Mark Cuban’s Cost Plus Drug Company disrupts typical supply chains by dealing directly with manufacturers to acquire medications at rock-bottom costs, charging just a flat 15% markup with no hidden fees.
This innovative approach effectively reduces prescription costs.
15. Find Manufacturer Copay Cards and Rebates
Many major pharmaceutical companies offer copay cards, rebates and other savings programs to commercial insurance patients, especially when launching pricey new brand-name drug products.
To save on prescriptions, search for these discounts, a useful way to reduce costs.
16. Apply for Medicare and Medicaid Prescription Coverage
Government programs can be a vital way to lower prescription costs for eligible individuals.
Depending on your age, income level, and insurance situation, you may qualify for government assistance programs like Medicare Extra Help or Medicaid that can significantly reduce your out-of-pocket responsibility for medications.
17. Check Local Clinics for Medication Assistance
Another way to save on prescriptions is to explore local community health clinics and non-profit organizations that often provide medication assistance programs.
These programs usually operate on an income-based sliding scale, making prescriptions more affordable.
18. Use Compounding Pharmacies for Custom Medications
One potential way to lower prescription costs is to consider compounding pharmacies, which can create customized formulations from raw ingredients for specialized medication needs and may be less expensive than commercially available one-size-fits-all products.
19. Negotiate Cash Prices With Pharmacist for Discounts
While not always successful, it doesn’t hurt to politely negotiate lower cash prices with your retail pharmacist, especially for generics. They may be able to price match competitors or extend a modest discount, making it a possible way to save on prescriptions.
20. Enroll in Drug Company Assistance Programs
Most major drug manufacturers now have systematic patient assistance programs that provide branded medications at steeply discounted or even fully covered costs for patients meeting financial eligibility criteria. This is an excellent way to lower prescription costs.
21. Use Hospital Social Workers for Medication Assistance
A valuable way to save on prescriptions is to take advantage of financial resources and assistance programs. Major hospitals and clinics often employ social workers and care coordinators to connect patients with these programs, which can provide help with medications, equipment, transportation, and more.
22. Join Pharmacy Membership Programs for Generic Discounts
Consider looking into membership program offerings from large pharmacy chains like CVS, Walgreens and RiteAid that include an extensive list of covered generic medications for just a small flat fee.
This can be another effective way to reduce prescription expenses.
23. Avoid Automatic Prescription Refill Charges
Beware of “free trial” offers that automatically enroll you in recurring shipments and charges if not properly canceled. Always read all terms and conditions thoroughly. This crucial step can help you save money on prescriptions.
24. Live a Healthy Lifestyle to Prevent Medication Needs
Adopting an overall healthy lifestyle through balanced diet, exercise and preventive care can help stave off chronic conditions requiring expensive medications in the first place. By adopting a healthy lifestyle, you can proactively lower your prescription costs.
25. Make Lifestyle Changes to Reduce Medication Dependency
For some diagnoses, making manageable lifestyle modifications like dietary changes or weight loss may reduce or eliminate the need for certain prescription drugs entirely, offering a natural way to save on prescriptions.
26. Only Use Legitimate Online Pharmacies
To save on prescriptions safely, it’s crucial to stick to trusted sources. Only order medications from verified, trustworthy online pharmacies and suppliers based in the U.S. to avoid counterfeit, tainted, or mislabeled drugs that could be ineffective or dangerous.
27. Refill Prescriptions On Schedule for Better Pricing
A smart way to lower prescription costs is to plan ahead. Refilling prescriptions at the last minute leaves you vulnerable to urgent pricing with little opportunity to shop around.
By tracking refill dates and securing medications, you can avoid these costly surprises and save money in the long run.
28. Get Organized to Prevent Missed Refills and Duplicate Purchases
For families managing multiple prescriptions, getting organized is an effective way to save on prescriptions. Keep a consolidated medication list detailing drug names, dosages, doctors, pharmacies, and refill schedules.
Staying organized prevents missed refills and duplicate purchases.
Related: 24 Things People Over Age 60 Should Never Do Again
29. Be a Self-Advocate for Better Pricing and Options
Remember, you are the customer purchasing these medical products, so be an empowered self-advocate. Voice any concerns, compare options, and ask about alternatives or additional discounts. Proactive self-advocacy is a key way to save on prescriptions.
30. Support Efforts for Pricing Transparency and Reform
Stay informed about healthcare policies, legislation, and advocacy groups pushing for greater pricing transparency and reforms to control exorbitant prescription drug costs through systemic change. Supporting these reform efforts is a crucial way to lower prescription costs in the long run.
Step Towards Affordable Healthcare
Taking proactive steps to lower your prescription medication expenses can provide great relief, both financially and mentally. Implementing these strategies empowers you to take control of your medication expenses and alleviate the financial burden.
Voice your concerns openly, compare alternatives, and work closely with your healthcare providers to find the most affordable solutions for your specific needs.
Remember, every dollar saved on prescriptions is a step towards better financial health and peace of mind.
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AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.