Why You Should Consider Using Discount Prescription Drug Sources

As we discussed in our previous blog, it’s no secret that prescription drugs can be incredibly expensive, especially if your health insurance plan has a high deductible or doesn’t cover it. Fortunately, there are alternatives to paying full price for your medication. One option is to utilize discount prescription drug sources. In this blog, we’ll discuss the benefits of using such sources and how they can help individuals save on medication costs.

1. Cheaper than insurance: Prescription drug discount cards are available to everyone, regardless of insurance status. These cards offer discounted prices on medication, often up to 80% off the retail price. These discounts can be especially helpful for individuals who are uninsured or have high deductibles. Even with insurance coverage, discount cards can sometimes offer lower prices than what your plan offers.
2. Get a drug that isn’t covered by your insurance plan: Sometimes, certain prescription drugs aren’t covered by your insurance plan. In these situations, discount prescription drug sources can come in handy, as they provide access to medications that may not be covered by your plan. With a discount card, you’ll be able to purchase the medication at a lower cost.
3. Sourcing to the lowest out of pocket cost: Another benefit of using discount prescription drug programs is that they allow you to manage your medication costs. By utilizing a discount program not associated with your insurance plan, you can compare prices to find the lowest out of pocket cost for a specific medication. This can be especially helpful if you’re on a tight budget or have a high prescription drug deductible.  Recently this contributor was told the insurance cost for the medication was $179 but after calling the pharmacy and requesting they run it through GoodRx, the out of pocket was reduced to about $60. 
4. No formulary restrictions required: With some insurance plans, certain medications require prior authorization or step therapy. This can be a lengthy process that can delay access to the medication. Discount prescription drug programs, however, don’t require these type restrictions. You can simply present your discount card at the pharmacy and receive your medication.   
5. Access to manufacturer savings programs: In addition to discount cards, some prescription drug manufacturers offer copay and/or patient assistance  programs. These programs provide additional savings on medications to those who qualify. By taking advantage of these programs, individuals can further reduce their medication costs. This contributor was able to utilize a manufacturer savings copay program that reduced the monthly out of pocket from $335 to $0.

In conclusion, utilizing discount prescription drug programs can provide significant savings on medication costs. Whether you have insurance or not, these sources offer discounts that are often lower than retail and even sometimes less than  your insurance price.  Don’t assume your insurance price is always the cheapest – sometimes it is not.   Remember, when you use discount cards outside of your health plan, typically they will not contribute to your deductible or your out of pocket maximum.  However, if you are like a large majority of Americans, you never hit your deductible anyway, so you are much further ahead saving money on the front end. Additionally, discount programs provide access to medications that may not be covered by insurance plans and allow individuals to manage their medication costs.  By taking advantage of these resources, individuals can save on healthcare costs and receive the medication they need.