Here’s How to Lower Those High Prescription Drug Costs
As the calendar flipped from 2018 to 2019, we began hearing about prescription drug companies increasing costs on a number of prescription drugs.
Granted, in the vast world of currently available prescription drugs, the number whose costs would actually be increasing from 2018 levels were limited.
The recent headlines, however, overshadow the fact that many prescription drugs carry high retail prices as it is for those individuals paying out-of-pocket.
If you’re one of the lucky ones whose health insurance covers the majority of prescription drug prices, aside from a $5, $10 or maybe $20 co-pay per refill, you may be wondering what I’m talking about.
Well, a growing portion of the health insured population now receives coverage via high-deductible health plans.
In 2009, approximately 7% of large employers in the U.S. offered only high-deductible plans to thier employees. That number is now 39%.
The benefit of high-deductible plans is that they offer slightly lower monthly premiums for employees than traditional health insurance plans. And, the overall cost for employers is less, too.
The downside, and it’s a major one, is that the annual deductibles – the amount that must be paid before insurance begins to pay – can run $3,000, $5,000, $8,000 or more.
Which, for many who are covered by these plans, means unless a medical visit/procedure is deemed preventative, a significant portion, if not all, of the cost will be borne out-of-pocket until the deductible is met.
And that includes prescription drug costs.
For many Americans enrolled in high-deductible health plans, a multi-thousand dollar out-of-pocket payment for health care services is a difficult pill (excuse the pun) to swallow.
And, of course, there are a number of Americans who by choice or financial necessity have no health insurance at all, yet still need prescription drugs to maintain a certain level of health.
So, if you’re not one of the lucky individuals whose prescription drugs cost a simple co-pay, what can you do to reduce those high retail prices?
Luckily, there are a few options.
A Comment First
Drug prices, and U.S. healthcare costs in general, are based on criteria that is so convoluted and unrealistic that it is not worth trying to understand why a certain drug or procedure is priced the way it is.
The best consumers can do is search out the lowest price possible to avoid paying any more than is required.
The following suggestions can help in that regard.
GoodRx
GoodRx is an online drug pricing platform that lets you search specific prescription drugs and dosages, providing pricing for pharmacies near you.
Often, specific pricing requires you to print a free coupon that will be entered into the pharmacy’s system, lowering the price you pay.
Additionally, GoodRx provides information on a specific pharmacy’s membership program which may provide a lower price than would a GoodRx coupon.
All it takes to get this information is the name of your prescription, dosage
I currently use GoodRx for my prescriptions, and have been able to achieve a savings of 2/3 off the retail price.
Best of all, there’s absolutely no charge for the GoodRx service or coupons.
Check out the GoodRx site at the link below. Input your prescription(s) and see how GoodRx pricing compares to what you’re paying now. You just might be surprised at what you can save.
GoodRx Website
Blink Health
Blink Health is another online prescription drug pricing search engine that may be able to lower your prescription drug costs.
A few years ago we wrote about Blink Health in a piece titled “Can Blink Health Lower Your Prescription Drug Costs?“
At the time it was just a startup, trying to disrupt a sector of the health care system that most definitely needed to be shaken up.
And, honestly, still does.
Like GoodRx, you can search Blink Health’s website to see pricing for specific drugs/dosages at nearby pharmacies. Home delivery options are also included in Blink Health search results.
Unlike GoodRx, however, Blink Health only prices generic medications. If you need, or prefer, a name brand prescription medication, Blink Health is not for you.
And, also unlike GoodRx, Blink Health’s process requires payment to Blink Health, rather than to the pharmacy.
The prescription drug purchase process goes like this:
- Search Blink Health for your prescription
- Select the pharmacy that offers the pricing you prefer
- Pay for your prescription online at Blink Health’s website (you’ll need to set up an account)
- Receive your “proof of purchase” that you can print out – it will be texted and emailed to you.
- Take that prescription “proof of purchase” to the pharmacy and pick up your prescription with no additional cost
I did use Blink Health a year or so ago, and the process – while it worked – wasn’t as smooth as it could have been. The pharmacy (CVS) didn’t immediately seem to understand the process, or what was going on.
So, if you give Blink Health a try, be ready to educate the pharmacy staff should it be necessary.
I would recommend comparing Blink Health’s search results to GoodRx’s before making final purchase decisions. In the past, I’ve found Blink Health’s pricing to be a bit higher than GoodRx’s.
Of course, pricing really depends on specific prescriptions, along with dosages and quantities being ordered.
You can read more about Blink Health and search its pricing at the link below.
Blink Health Website
Warehouse Clubs
Warehouse c
Of course, you’ll have to pay a fee to join, but depending on your specific prescription(s), the savings achieved may more than make up for the fee required to gain entry.
We wrote about Sam’s Club’s pharmacy a few years ago in a piece titled “Sam’s Club Pharmacies Offer Great Savings on Prescription Drugs.”
At the time, it was the best prescription pricing I could find, even after factoring in the $100 annual membership fee.
In the post above, there’s a link to Sam’s Club’s prescription pricing document. You can find a wide variety of prescriptions priced at $4 and $10 for a 30-day supply. Give the list a look to see how your prescription is priced. Maybe Sam’s Club will be an option for you to save.
I moved away from Sam’s Club when I found GoodRx provided slightly better pricing – with the GoodRx coupon – at a closer pharmacy.
Costco was another pharmacy at which I found certain prescription drug pricing to be more competitive, even after Costco’s membership fee was taken into account.
Unfortunately, Costco doesn’t have an online prescription drug pricing list for easy comparison. You’ll need to make a telephone call to your local Costco pharmacy to get current pricing.
Warehouse clubs definitely should be a consideration when looking for the lowest priced medications.
Both GoodRx and Blink Health show warehouse club pricing in search results when a club is nearby.
However, I would still check with the local club’s pharmacy to get its pricing…it may be lower
General Tips
A phone call is often required to find the best prescription drug pricing.
It shouldn’t be like this, but even within a certain geographic location, pricing can differ significantly from pharmacy to pharmacy.
Which means calling as many pharmacies in your area as you can and asking for their cash price for a specific prescription may be the best way to get the lowest price on your prescription(s).
Then, compare those cash prices to the pricing GoodRx and Blink Health provide to make the purchase decision that’s right for you.
At most pharmacies, I’d be very surprised that the cash price would beat GoodRx or Blink Health pricing, but you never know.
That’s how ridiculous our prescription drug – and healthcare, in general – pricing system is in the U.S.
Additionally, at least with GoodRx, you should check periodically to see if the coupon pricing has changed – hopefully to your advantage.
I’ve found once a pharmacy loads the GoodRx coupon into its system, you’ll continue to get that pricing until your prescription changes in some way.
Or until the GoodRx pricing changes…although I haven’t yet had that happen.
Another suggestion for getting lower prescription prices is to simply ask the pharmacist if there’s a lower price on a specific prescription.
Believe it or not, until recently, many pharmacists were not allowed to disclose cheaper drug options to consumers. On October 10, 2018, President Trump signed into law legislation that allows, but does not require, pharmacists to tell patients about lower cost alternatives.
So, just by asking, you might get a better deal.
And finally, ask your doctor if another drug would provide similar results, and then compare the costs.
Doctors often have no idea what prescription drugs cost – and how could they, really, when there are so many variables to prescription drug pricing.
So asking if there are other, comparable drugs that could be prescribed, provides you the option to price compare and make a financially informed decision that’s right for you.
Wrap Up
Prescription drug pricing is about as convoluted as pricing of any product can get.
Bottom line, to keep from spending significantly more on your prescription drugs than you should, research is needed.
Luckily, there are a few online options that make hunting out money-saving prices on prescription drugs a little easier.
GoodRx and Blink Health both offer prices that are likely better than the full retail price.
And, if for some reason you don’t find those options saving you much on your specific prescription drug, a call to a number of nearby pharmacies asking for their cash price might at least find a lower price than you’re paying now.
With more and more health care consumers having to foot the bill out-of-pocket, finding the best price possible is imperative when it comes to your overall financial health.
What suggestions do you have for finding lower prices on prescription drugs? Let us know in the comment section below.
If you found this information helpful, please consider passing it along via email, or one of the social media share buttons at the top, bottom or side of this page.
pill image courtesy of amenic181 at freedigitalphotos.net
