Excuse me? My prescription costs what?
For the 56% of Americans who live paycheck to paycheck and have less than $1,000 in our bank accounts at any given time, nothing quite compares to the panic caused by a huge and unexpected expense. It may not be a comfortable topic of conversation, but for many of us it’s no small victory just to make it through a month without having a cell phone shut off or receiving one of those ominous pink notices in the mail from the power company.
That's why hearing an unexpectedly high price for a prescription at the pharmacy can be an especially nasty surprise. Unfortunately, it's a surprise facing more and more Americans every year as the country struggles to deal with the rising cost of medications. If you're insured, a big piece of your income likely already goes to covering health care, adding insult to injury. For those who are uninsured, even a generic medication can cost more than it did to see the doctor who prescribed it in the first place.
So what am I supposed to do?
Don't panic! Yes, there is a chance that you may be stuck with a huge price tag, but in most cases there are multiple options for saving a decent chunk of change. To figure out how to save, let's discuss the reasons why your prescription might cost so much.
Are you uninsured?
If so, then this is a no-brainer. Get yourself a pharmacy discount card like our very own RefillWise. It’s completely free, it saves varying amounts of money on nearly every prescription out there and it’s accepted at virtually every pharmacy.
Are you insured, but with a very high deductible?
You may not have paid much attention during the last open enrollment, or maybe your brain glazed over from trying to understand HRAs, HSAs, EOBs, POPs, PHAs and the rest of the alphabet vomit listed in the brochures, but over 25% of employer-provided insurance plans are now high deductible plans. As far as your prescriptions are concerned, this means that you’re basically paying the cash price for any medication until you’ve paid your deductible which typically starts out at $2,000.
If you’re sure you’ll spend more than $2,000 on prescriptions by the Fall, then you may as well keep plugging away. For the rest of us who won’t even get close to that, RefillWise is again a great option.
Is this a brand name medication?
If so, always ask your pharmacist if there is a generic available. Generics can save you as much as 80-90% off of the price of a brand name med. If there is no generic available, your next step should be to check the manufacturer’s website for a discount. The drug makers know how expensive their new brand prescriptions are, and they have a lot of incentive to figure out a way for you to afford them. Some of these discounts are very generous and may even work for multiple refills. Failing that, you should check with your doctor to see if there is a similar but more affordable medication that they could prescribe. Finally…
Shop Around!
Most of us use one pharmacy out of convenience, loyalty, or both. It may sound strange, but it’s very common to find a big difference in the price of the exact same prescription at two different pharmacies, even in the same city, and even between two pharmacies owned by the same company. Without mentioning names, one of the bigger chain pharmacies is actually rumored to vary pricing based on what side of the street their store is located with the hopes of getting a little extra cash from the commuter stopping by on their way home from work. The moral of the story? If the price seems expensive, see what another pharmacy can do for you.
It may take some legwork, but the potential savings and staying healthy are well worth the effort.
Your friends at RefillWise
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