Ways to Save on Prescription Drugs
In today's economy, everyone wants to stretch their dollars as far as possible. This is especially true when it comes to healthcare expenses, including the cost of prescription medications. If you're not taking steps to save money on your prescriptions, you might be spending more than you need to.
Stop before you shop
Have you ever gone to the pharmacy to pick up a prescription, only to be hit with a shockingly high price? Maybe your doctor recommended a new medication that ended up costing you hundreds of dollars. It's frustrating to feel like you have no choice but to pay up, especially if you weren't expecting the expense.
Stop before you shop! There are alternatives to paying full price for prescription drugs.
Five tips for cutting the cost of your prescription medications
- Ask your physician about RX coupons. Many drug manufacturers offer RX coupons or prescription discounts on their products.
- Shop around to find a prescription discount program. A prescription discount is a coupon that reduces the cost of your prescription medicine. Many pharmacies and health insurance companies offer discount cards and coupons to help customers save on the cost of their medicines. These discounts are not considered insurance but can provide meaningful savings on the total cost of a prescription.
- Look at the drug maker’s website to find the cheapest retailer. Prices for prescription drugs can vary widely depending on where you go. Shop around for the best price.
- Check for generic alternatives. Generic drugs can be much cheaper than their brand-name counterparts, and they work just as well. Talk to your doctor or pharmacist about whether there is a generic alternative to the medication you need.
- Use your reimbursement account to pay for the lower priced prescription. The cost of the medicine agreed to by the customer and its health insurance provider is an eligible health care expense.
Reimbursement accounts allow you to save on expenses
Reimbursement accounts offer a smart way to save on prescriptions. With these accounts, you may be able to set aside pre-tax dollars to pay for eligible healthcare expenses, including prescription medications. Two common types types of reimbursement accounts include Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs).
Follow these steps to get started:
- Enroll in an FSA or HSA through your employer or for an HSA, through your insurance provider or bank.
- Determine how much money you want to contribute to your reimbursement account. You can contribute up to a certain limit each year, depending on the type of account.
- Use your account to pay for prescriptions. You can either use a debit card linked to your account or submit a claim for reimbursement.
- Keep track of your expenses throughout the year so you can accurately claim them on your tax return and avoid any penalties for ineligible expenses.
Read: How much do you actually save with reimbursement accounts
Read: Know what fitness expenses are eligible with your HSA
Shop the FSA Store
Shop for Eligible Items on the FSA Store
You may purchase FSA-eligible items online at the FSA Store. Browse medical supplies, over-the-counter medication, prescriptions, and more.
Shop the HSA Store
Shop for Eligible Items on the HSA Store
You may purchase HSA-eligible items online at the HSA Store. Browse medical supplies, over-the-counter medication, prescriptions, and more.
This blog is up to date as of June 2023 and has not been updated for changes in the law, administration or current events.