3 ways to save money on your prescription medications

Physicians are masters of medical management, resuscitation, and coordination of care. But one thing they don’t know so well is the cost of care for patients, especially regarding prescription medications.

There is a movement known as transparency in healthcare, which includes healthcare cost. Patients want to know how much their medical care or medical testing will cost.

Unfortunately there is no easy answer, as different insurance companies have separate agreements with hospitals and physician practices, causing the range of pricing to vary for each individual patient.

There is, however, an area within healthcare finance over which patients can have more control.

Prescription medications can be costly for patients, especially if they do not know the many ways to save money. Understanding the cost of different prescription medications at various pharmacies can allow patients to save money and also makes them more likely to follow through with treatment recommendations.

Below are three suggestions regarding prescriptions that can make a difference for you.

#1 Ask your doctor if lower cost medications at major retailers are right for you.

Did you know that Walmart offers prescriptions under $10, sometimes even for free? A patient can get a 30-day supply of specific medications for $4 and a 90-day supply for only $10.

At the Meijer pharmacy in Michigan, a patient can get a free 14-day supply of several antibiotics such as amoxicillin, cephalexin, Bactrim, ciprofloxacin, ampicillin or penicillin VK. They can also get free prenatal vitamins, metformin, and atorvastatin. That’s an amazing deal.

I generally look at these medications before prescribing to make sure the patient is able to purchase the cheapest appropriate medication. There are a number of other pharmacy retailers that offer deep discounts including Costco, and sometimes your local grocery chains, CVS, Walgreens, or Rite Aid. So it’s worth looking to find out.

For Walmart’s complete list of cheap prescription medications, click here.

You can find Meijer’s free list of medications here.

#2 Ask the pharmacist whether the prescription cost or the copay is higher.

A study out of USC found that patients overpaid on their prescriptions by about $135 million in a 6-month period. What’s the major reason for this? The study says that many times the prescription price is actually lower than the copay. However, most patients do not know this and end up using their insurance, which requires a copay.

For instance, for prescription X, a pharmacist asks for the patient’s insurance card. The pharmacist tells the patient that they owe a $10 copay. The patient pays without a second thought. What the patient thinks is that the prescription is more expensive than $10. What they do not know is that prescription X is actually $7. The pharmacy then pockets this extra money. This is known as a clawback.

Had the patient known to ask the pharmacist whether the copay or the prescription was cheaper, they could have paid out-of-pocket and saved money.

The study found 20 drugs that most commonly caused clawbacks. The list included the following medications:

• Hydrocodone/Acetaminophen
• Levothyroxine
• Azithromycin (Z-pack)
• Lisinopril
• Fluticasone Propionate (Flonase)
• Simvastatin (Zocor)
• Atorvastatin (Lipitor)
• Omeprazole (Prilosec)
• Amoxicillin
• Amlodipine (Norvasc)
• Sertraline (Zoloft)
• Zolpidem (Ambien)
• Crestor
• Metformin
• Hydrochlorothiazide
• Metoprolol (Toprol, Lopressor)
• Citalopram (Celexa)
• Prednisone

If you have the best information possible when filling your prescription, you can certainly save money by understanding the cost of your medications versus your copay.

#3 Use the GoodRx website to find the best price for medications.

You should check out the website GoodRx if you have not previously. This service helps patients compare prices for medications at different pharmacies, gives free coupons for further savings, and can help save up to 80% on the cost of prescription medications.

I decided to check a few medications. Augmentin is $14.09 with a coupon at Costco and Meijer, normally $32. Prednisone is $3.28 at Kroger (my local grocery store pharmacy). Zofran is $9.39 at Kroger and $10.73 at Meijer.

All of these simply require the free coupon that you print out from the website. Most patients are unaware of this service. It’s easy to print off and gives reassurance that it will not be a large expense to go with the recommended treatment.

Have your doctor check this site with you when prescribing medications at your appointment.

Conclusion

Using these three tactics to help save money on prescription medications puts some power back in the hands of patients. While we can’t change the entire healthcare system overnight, there are ways we can be a part of the change to be more transparent in healthcare. This can benefit your pockets and your health along the way.

Do you know of any other ways to save money on prescription medications? Comment below.