Spending: How to save on prescription drug expenses

By Erin Bendig

Kiplinger’s Personal Finance

It has become more difficult for Americans to afford prescription medications.

AMarch 2023 study fromYouGov found 37% of Americans have had to forgo filling at least one prescription because of cost. It also revealed43% ofwomen and44% of people with an annual family income under $50,000 are most likely unable to afford prescription medication.

With somany individuals struggling to keep up with the cost of prescription drugs, it’s clear that saving money at the pharmacy is a concern formany. The following tips can help ease the burden.

Check outPatient AssistancePrograms (PAPs) and GoodRx

PAPs are managed by pharmaceutical companies to provide free or discounted medications to peoplewhocan’t afford them. Typically, PAPs are contingent on financial need. For information on howto enroll and to see if you qualify for a PAP, go to RXAssist.org orNeedyMeds.org.

Also check out GoodRx on itswebsite or mobile app to find the cheapest prices on prescription medications. The site compares real-time prices at different pharmacies to find the best prices and discounts. It also offers free coupons to help you pay less.

Considera 90-day supply

Opting for a three-month subscription, as opposed to a one-month supply, could save you considerable money on medication costs. Yes, you’ll pay more out of pocket up front, but you’ll shell out less money in the long run. Ask your doctor if a 90-day supply is a possibility and if it’ll save you some cash.

Save by going generic (or biosimilar)

According to the Association forAccessibleMedicines, the average brand-name drug copaywas $56.12 in 2022. This is more than nine times higher than the average copay for generic drugs, which theAAMreported to be $6.16. TheAAM also found that93% of the time, the copay for a generic prescriptionwas less than $20, compared to only59% of the time for name-brand drugs.

Biosimilar drugs are also good options for savings. Abiosimilar drug isn’t an exact copy of a name-brand drug the way generic drugs are. Instead, they have a structure that is highly similar to the name-brand biologic. However, since biosimilar drugs still behave the same way as a name-brand biologic, they’re considered just as safe and effective.

Choose the right pharmacy

Filling your prescription medication at a preferred pharmacy can help you save on copays, so check with your health insurance provider tomake sure a pharmacy is in your plan’s preferred network.

Aprescription delivery service could also help you save on prescriptions. For example, Amazon’s RxPass gives Prime members access to the mostcommon genericmedications for a flat $5 a month. Also, Walgreens’ Prescription Savings Club programcosts $20 a year for an individual or $35 for a family, and it offers discounts on thousands of medications.

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