6 Effective Ways to Save Money on Prescription Meds

The ever-increasing population is writing a new chapter in the history of prescription drugs, as people become more dependent on them. Since the pharmaceutical industry is mainly about business, prescription drugs are far from being free in most countries, which can create a problem for people on a tight budget. The last thing someone with a serious illness should do is avoid purchasing a prescription drug because it’s too expensive, but sometimes they just can’t. We’ll be mentioning the most 6 effective ways that can get you to save some expenses on prescription meds.

1. Look for Generic Drugs

In most cases, pharmaceuticals that develop a new drug get to issue or sign up for an exclusivity patent, which is a protection that protects the investment of the company that developed and researched a certain drug from being copied by others. This patent has a certain timeframe for its exclusivity features, meaning that other companies can finally reverse engineer or use the same active ingredient to create a generic version of the drug. These generic drugs cost much less than brand names, especially if the drug has been available for a while. All you have to do is look up the active ingredient in a prescription drug you need, and then start looking for generic alternatives that do the exact same job. You’d be amazed at the difference of price between the two; it could possibly cut the costs of your prescription drugs up to 90%, compared to the price of its brand counterpart.

2. Look Online

If you are not going to buy the drugs on insurance, your best option would be looking for the medication online. There is no shortage of generic and alternative medications offered online. To be able to stay safe while ordering drugs online, you may want to only deal with reputable and well-known online pharmacies. As displayed at eDrugSearch.com, alternative online pharmacies can provide convenience in addition to cost benefits. The best online pharmacies are those that request and validate a doctor’s prescription before issuing an order. The last thing you want is to get the wrong drug for a serious ailment. You can use the internet to find the actual prices of drugs that you’ve been buying from retail pharmacies, which can even help you negotiate with the pharmacy or insurance provider.

3. Choose Alternative Medications

More often than not, there is more than one type of drug to treat the same medical condition. This is more viable in mild cases; if you happen to have a serious condition, you should stick to either the original prescription or its generic version. Pharmacies can suggest certain drugs to you that have a similar effect to the prescribed drug. Insurance companies even have their own formulary that suggests alternative drugs to lower the cost of medications. You shouldn’t be reluctant to ask questions to either your pharmacy or insurance company. You will be surprised by the plethora of alternatives available in the market.

4. Buy in Bulk

Buying medications in bulk is one of the most popular strategies to reduce the total cost of the drug. Instead of paying for a 30-day supply of a prescription drug, try to opt for a 90-day supply. This actually works in two different ways; you’ll be able to get the drug for a cheaper price, in addition to having to pay the insurance one copay every three months instead of once per month. A good advantage that you can get out of buying medication in bulk is that you won’t have to panic every time you can’t fill the prescription because you’ll have enough to last you for three months.

5. Research Your Insurance Policy

If you happen to be insured in any way, whether it’s state-funded or private, you might want to take the time to learn all you can about your insurance policy. This means that you’ll have to calculate your deductibles, premiums, and other factors. Your insurance policy should have a plan formulary that includes a list of both brand and generic drugs, illustrating their prices individually and the conditions that they are used to treat. Many people mistakenly think that their insurance doesn’t cover prescriptions, only to find out that they all only need to pay a small deductible every month. You can even update your Medicare plan to control what it covers and the premiums you have to pay; it can be done in the enrollment period only.

6. Look for Assistance

Fortunately, there are various prescription assistance programs that can significantly lower the costs of your prescription medications. The providers of such programs can vary and it can include Medicare, NGOs, states, and pharmaceutical companies. If you need a certain medication and you can’t afford it, you can directly contact the manufacturer of the drug and see if they offer any assistance programs. Some companies may offer discounts that could cover the whole cost of the drug for certain customers.

Finding alternatives to reduce the cost of prescription meds is a critical matter for many people. You may want to avoid the habit of not looking at the price or checking with the insurance if you truly want to save expenses. Stay open to suggestions and new ways, whether they are offline or online, to circumvent the high costs of certain prescription drugs.