IN THE UNITED STATES, prescription drug costs are too high for some and add up to monthly expenses.
On average, Americans spend $ 1,200 a year on prescription drugs, according to OECD data.
In fact, Americans currently pay higher prescription drug prices than any other developed country, the White House said earlier this summer.
In his efforts to cut costs, President Joe Biden introduced a provision under the Build Back Better program that would allow Medicare to negotiate prices with drug makers.
This, however, is currently being fought in Congress, with ongoing disagreements between corporate Democrats and progressives.
And this provision may not be included in the final version of the bill, if it passes and becomes law.
Below, we show you some nifty ways to save money on prescription drugs.
Request generic drugs
If you aren’t already taking generic prescriptions, this can be a great way to save money.
Generic drugs work the same as the original brand name of the drug, from side effects to risks and intended use.
But since they are copies of the original brand, they cost a lot less.
Generic drugs can cost 80 to 85% less, according to the Federal Drug Administration.
And there was a study from 2005 to 2016 that showed generic drugs saved the health care system $ 1.67 trillion.
Request prescription assistance
If you have trouble paying for prescription drugs, you may be able to apply for a Patient Assistance Program (PAP).
Some PAPs are offered by state and local governments, as well as pharmaceutical companies.
NeedyMeds offers a diverse list of programs that you can find information on.
If you find a program that you like and want to see if you qualify, you will likely need to complete an application and fax or mail it to the provider.
According to NeedyMeds, pharmaceutical companies could provide PAPs for free or at a reduced price.
Walmart also has an exclusive program to help you save on prescriptions.
The retail giant is offering a 30-day supply of some covered generic drugs for $ 4. It also offers a 90-day supply, which costs $ 10.
And if you’re a member of Walmart +, which costs $ 12.95 per month or $ 98 per year, you get free prescriptions at the company’s drugstores.
You can search by drug name and postal code and select the nearest pharmacy to you.
However, some prices will vary by state and higher doses will cost more.
Also, you can check out SingleCare, which claims it can save you up to 80% on prescriptions and allows you to compare prices with other pharmacies.
Use rewards programs or a card
Reward programs and credit cards are great ways to save money – and many pharmacies offer them.
Some of the major retailers that carry them include Walgreens, Rite Aid, and CVS.
Walgreen credit card users get 5% cash back on every dollar spent on “certain prescription drugs” and vaccinations.
According to CVS, you can earn up to $ 50 through its ExtraBucks rewards program by ordering prescriptions and getting your flu shot.
Request a 90 day supply
You could also save money by switching to larger amounts of prescriptions.
It makes sense if you take prescriptions daily. Not only will this save you on prescriptions, it’ll save you a trip to the drugstore, which means you’ll save on gas as well.
But you will need to check if there is a 90 day supply for your medication.
By doing this, you can save $ 100 on certain drugs each year, depending on what you are currently paying for.
We recently explained four invoice providers that might overcharge you.
We also show you five ways to reduce your grocery bill.
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