Tuesday, September 22, 2015

Why Even The Insured Are Paying Too Much For Prescriptions

You probably think that if you have health insurance, you’re covered when it comes to medications. However, even with insurance, you could still be spending too much - it many cases, it's not the cheapest option. There are many ways to save on prescriptions, and insurance isn't always going to lead you to the best savings. Insured or uninsured, here’s what you can do to make sure you're saving effectively, every time.

Using your insurance may not be your most cost-effective option

Using your insurance coverage may actually cost you more, in some cases. Here are some tips for finding the best price:

  • Use a discount card, such as the FamilyWize Prescription Savings Card, and you may see savings of up to 75% off the retail price. Unlike some discount cards, the FamilyWize Prescription Savings Card does not charge a registration or membership fee, and it's free and easy to use.
  • Consider paying cash for medications. In a few cases, this might equate to savings greater than using insurance. Always ask your pharmacist for the retail price of a medication so that you can compare.

Don’t forget generic brands

The generic version of a medication is often less expensive than one with a brand name. Always check with your doctor or pharmacist to make sure a generic is right for you and your particular medical condition.

Find out your insurance’s “preferred” pharmacy

Some commercial insurance and Medicare plans offer savings on prescription drugs if you use a specific pharmacy. For drugs that you use long-term (typically 3 months or more), you can often see savings by buying a supply that will last longer.

Try therapy in steps

This practice, known as “step therapy,” involves trying less expensive medication options first. If these options are ineffective, try more expensive options. You may experience savings if you never need to take the most expensive medication for your condition.

Do an annual review

Experts recommend an annual review with your healthcare provider of any medications, supplements or vitamins you take. You may often be able to eliminate something from your current regimen, which results in a lower medication expenses for you.

Just like when it comes to shopping for clothes or groceries, being a savvy shopper when it comes to medications can result in cost savings everyone can enjoy.

Live Healthy. Live Smart.

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