We recently conducted a survey where we asked 1,000 consumers about their spending, shopping, and savings habits when it comes to purchasing prescription medication. The results revealed that while a majority of people taking prescription medication and are interested in saving money, only a small percentage has actually attempted to do so at the pharmacy.
Over 65% of respondents said that they take at least one prescription, and 50% said that they fill at least ten per year. And over half – 59% - are spending $150 or more on their medication on an annual basis. For many people, this price can be too high to pay, and even skip their medication because they can’t afford it.
With an estimated 80-100 million Americans currently uninsured (and many millions more who are underinsured), it’s not surprising that people are spending too much.
The survey also brought to light the harsh reality around the limited awareness regarding prescription savings options.
The FamilyWize card saves an average of 42% on prescriptions, and in many cases gives a deeper discount than insurance – but only 18% of people have ever even tried to use a savings card. That’s the equivalent of 4 out of 5 people never using coupons or looking for deals when they shop for groceries.
Why are so many people missing out? Awareness could be a key issue. Only half or the consumers polled had ever heard of prescription savings cards, meaning there are many people out there who are missing a chance to save simply because they don’t know that it’s out there.
What can we do to change this? We can start by spreading the word. FamilyWize works with partners like United Way, the American Heart Association, and the NCOA to increase awareness about the savings offered by FamilyWize. By working together, we can strengthen communities nationwide.
Know someone who you think might be spending too much for prescriptions? Print out a free card for them at http://familywize.org/card, or direct them to the free FamilyWize app, available on iPhone, Android, and Windows Phones.