How Can You Manage Expensive Prescription Medications
The United States is exceptional for its treatment of healthcare, including prescription drugs. Americans face drug prices that are 2.5 times higher than drug prices set in other high-income countries.
These drug prices have steadily climbed over the years. The Journal of the American Medical Association shared a research letter that found the prices for brand-name drugs rose significantly between 2008-2021. In just over a decade, the prices rose by almost 11%. The prices could keep going up, making prescriptions harder for the everyday American to afford.
You might be wondering how you’ll manage your prescriptions this year when the prices are so high. These are some steps that can help you tackle these expenses this year.
Get Your Insurance Formulary
Look at your health insurance plan’s formulary to see which brand-name and generic prescription medications are listed. The formulary should divide the medications into separate tiers. The lowest tiers will have the most coverage and lowest co-pays. The highest tiers will have less coverage and more out-of-pocket costs.
Your formulary will help you understand how prescriptions will impact your budget.
Generic drug options are often cheaper than brand-name medications. So, whenever your doctor offers to write you a prescription, request that they prescribe a generic drug.
Generic drugs are not worse versions of brand-name drugs. According to the U.S. Food & Drug Administration, generic drugs have the same active ingredients, dosages and capabilities as their brand-name counterparts. The main difference between the two is the price tag.
Get a Discount Card
Sign up for a prescription discount plan and use your card at participating pharmacies. You’ll get discounted rates for your prescription medications, reducing the final cost when you reach the cash register.
Many prescription discount plans are free to join. You can access these discounts without having to pay a steep membership fee.
Buy in Bulk
Do you have a recurring prescription? Then, you should consider purchasing several months’ worth of the medication at once. Ninety-day supplies often cost less than buying a thirty-day supply several times in a row.
Only do this when you are absolutely sure that you will be maintaining your prescription in the upcoming months.
Save Up for Emergencies
Not all prescriptions will be planned. Maybe you twist your ankle and need to get prescription painkillers, or maybe your kid comes home with a terrible case of pink eye and needs antibacterial eye drops. You want to be prepared to manage these prescription prices right away. You can’t wait.
So, what should you do? Set aside savings in an emergency fund so that you can cover urgent prescription costs whenever they happen. You can also rely on the savings for other urgent expenses, like car repairs, home repairs or vet treatments.
Without an emergency fund, you might not have enough savings to pay for an urgent prescription. In that case, you will have to look into an alternative like a personal loan online. Personal loans are solutions that you could turn to when you need money online now and you have no other means to get it. As long as you meet the eligibility requirements for an online loan, you can fill out an application. You just might get approved.
Don’t get caught by surprise when you pick up an expensive prescription. Follow these tips!