15 Ways to Save on Prescription Medications

Even with insurance, out-of-pocket costs for prescription medications can be surprisingly high. A GoodRx survey found that more than half of Americans have trouble paying for prescription medications, and a third aren't filling their prescriptions due to high costs.

Talking to your prescriber about affordable prescription medication options is a good first step. But there are many other ways to keep your prescription medication costs down.

How can you get help paying for your medications?

These 15 tips may help you save on your prescription medications.

1. Use GoodRx coupons

Whether you have insurance or not, using GoodRx coupons may be able to help you save up to 80% on your prescription medications at many pharmacies. Free GoodRx coupons may be able to help you save money on many common medications, including:

• Prozac (fluoxetine)

• Lexapro (escitalopram)

• Gabapentin (Neurontin)

To get started, you can visit www.goodrx.com or download the GoodRx app on your phone.

Then, search for your medications to find the lowest prices at pharmacies in your area. Download your coupons and show them to the pharmacy staff before they fill your prescriptions to prevent delays at the pick-up counter.

2. Switch to generic medications

Ask your healthcare profession to prescribe you the generic versions of your medications to save money on your prescriptions. Generic medications work just as well as brand-name ones but usually cost much less. This is because generic manufacturers don't have to cover the high costs of research and development.

For example, the average retail cost of a month's supply of 50 mg Zoloft tablets is about $501.58, while the average cost for an equivalent prescription of the generic version, sertraline, is about $30.68.

3. Use manufacturer copay savings cards

Many manufacturers offer copay savings cards, or copay savings programs, to help consumers save money on their medications. Each program has its own limits on total savings and the number of refills that are eligible. To maximize your savings, you'll likely need commercial insurance. And these programs typically aren't available to people who have Medicare or Medicaid.

You can find copay savings cards by checking the manufacturers' websites or by asking your prescriber or pharmacist. Below are examples of copay savings cards offered by a handful of manufacturers:

• Mounjaro savings card

• Synthroid savings card

• Restasis savings card

4. Apply for patient assistance programs

Patient assistance programs (PAPs) provide free or low-cost medications to people who are uninsured or underinsured. Similar to manufacturer copay savings cards, these programs are also sponsored by pharmaceutical manufacturers.

To qualify for a PAP, you generally need to meet income eligibility requirements and provide proof of being uninsured or underinsured. Here are some examples of patient assistance programs:

• Novo Nordisk Patient Assistance Program

• myAbbVie Assist program

• Viatris Patience Assistance Program

5. Compare prices at different pharmacies

Just like shopping for groceries or other household items, it pays to compare prices when it comes to your prescription medications. The cost of a medication can vary from one pharmacy to another, even in the same neighborhood or city.

While you're on the GoodRx website or app, take a minute to compare medication prices at different pharmacies in your area. This tool can help you find the best deal without having to call or visit multiple pharmacies.

6. Use your HSA or FSA funds

You can use pretax dollars in a flexible spending account (FSA) or health savings account (HSA) to pay for qualified medical expenses, including prescription medications. However, there are key differences between the two accounts. With an HSA, your unspent funds roll over each year, and you may be able to invest your contributions to potentially grow your account. On the other hand, FSA funds typically expire at the end of the plan year, so you risk losing any unused money.

7. Cut pills in half, if safe

Asking your healthcare professional to write you a prescription for a higher dose of medication and then splitting the pills in half could save you money if you're paying out of pocket for your prescription. Often, buying fewer pills at a higher dose costs less. So it's worth comparing the cost of different doses of your medication to see what would save you the most money. However, safety comes first, and not all medications can be split safely.

Talk to your prescriber about getting a higher dose of your medication and whether it's safe to split the pills. A pharmacist can also provide you with tips on how to split pills correctly.

8. Get 90-day supplies

Asking your healthcare professional for 90-day supplies (instead of typical 30-day supplies) can be a smart way to save on your medications. This approach works well if you take any medications regularly for long-term health conditions.

When you buy a larger amount of a medication, you typically pay less per dose. While the upfront cost might be higher, you'll likely save money in the long run. Plus, you'll make fewer trips to the pharmacy, saving you time and travel costs.

9. Check out mail-order pharmacies

Mail-order pharmacies, which are often available through health insurance companies, may offer lower prices on medications you take regularly. They typically provide 90-day supplies, which can be more affordable than monthly refills at local pharmacies.

When you use a mail-order pharmacy, your medications are delivered straight to your doorstep, saving you the hassle of going to a pharmacy in person. Check if your health insurance company offers discounts for using its mail-order pharmacy and what savings you might expect.

10. Look into online pharmacies

Unlike mail-order pharmacies, online pharmacies may not accept insurance. But they may still be able to help you save on prescription medication costs - and offer home delivery.

However, be careful: The FDA warns that some online pharmacies sell unapproved or counterfeit medications at suspiciously low prices. Always use licensed, reputable online pharmacies.

11. Check if you're eligible for Medicare Extra Help

If you have Medicare Part D, you may qualify for Medicare Extra Help. This program helps people with limited income and resources pay a reduced cost for covered brand-name and generic medications.

Whether you're eligible will depend on your income and resources. The income limits change yearly, so it's worth checking even if you didn't qualify before.

12. See if you qualify for Medicaid

Medicaid is a government-sponsored program that provides health coverage to eligible low-income people. If you qualify, you could pay much less (or nothing) out of pocket for your prescription medications.

Each state Medicaid program has its own list of covered medications, but most cover a wide range of prescription options. Eligibility requirements for Medicaid vary by state. Whether you're eligible may depend on factors like your income, household size, and age. Find out if you're eligible and apply here.

13. Use State Pharmaceutical Assistance Programs

State Pharmaceutical Assistance Programs (SPAPs) offer residents financial help with prescription medication costs, though what they cover varies by state. Some SPAPs help cover prescription medications that Medicare doesn't. Others offer specialized assistance, such as with AIDS and HIV medications. Check if a SPAP is available in your state and whether you qualify.

14. Select an in-network pharmacy

Insurance companies often have a network of preferred pharmacies that they work with to offer lower medication prices to their members.

Before your next refill, check with your insurance provider to find out if there is a preferred pharmacy in your area. This simple step could lead to unexpected savings on your prescription medications.

15. Check your insurance plan's formulary

An insurance plan's formulary is a list of medications the plan covers, often organized into tiers. Each tier has a different cost-sharing amount, with lower tiers generally costing members less out of pocket.

If you have insurance, reviewing your plan's formulary can help you save money by:

• You can see which medications are covered and at what cost.

• If any of your current medications are in a high tier, you can ask your prescriber about lower-tier alternatives.

• You might find that a similar medication in a lower tier could work just as well for you.

This allows you to make informed decisions about your medications, all while saving money.

References

Medicare.gov. (n.d.). Find out if your state has a State Pharmaceutical Assistance Program.

USA.gov. (2024). How to apply for Medicaid and CHIP.

U.S. Food and Drug Administration. (2013). Tablet splitting.

U.S. Food and Drug Administration. (2021). Generic drugs: Questions and answers.

U.S. Food and Drug Administration. (2022). How to buy medicines safely from an online pharmacy.