3 Strategies to Lower Your Prescription Drug Costs

If you're one of the many adults taking multiple prescription medications, especially for heart disease prevention or treatment, you may be feeling the strain on your budget. With prescription drug prices on the rise, particularly for new, brand-name medications, it's important to find ways to save money on your pharmacy bill. By working with your doctor and pharmacist and doing some research, you can potentially lower your medication costs.

1. Work with Your Doctor and Pharmacist

Your healthcare team can be a valuable resource in helping you save money on your prescriptions. Talk to your doctor about your financial concerns and ask if there are any lower-cost alternatives to your current medications, such as generic drugs or older, more affordable options that studies show work just as well for your condition. Your pharmacist can also provde guidance on cost-saving strategies. They can help you identfy any potential drug interactions or side effects that may impact your medication choices, and they can suggest ways to optimize your prescription regimen to minimize costs.

2. Choose Generic Drugs When Possible

Generic drugs are typically much less expensive than their brand-name counterparts, and they contain the same active ingredients and work the same way in the body. Whenever possible, ask your doctor or pharmacist if there is a generic version of your medication available.

In some cases, your insurance plan may require you to use a generic drug if one is available, or they may charge a higher copay for brand-name medications. By choosing generic drugs, you can potentially save hundreds of dollars per year on your prescription costs.

3. Compare Prices at Different Pharmacies

Prescription drug prices can vary widely between pharmacies, even within the same neighborhood. It pays to shop around and compare prices at different locations, including brick-and-mortar pharmacies, online pharmacies, and mail-order services.

Some pharmacies offer discount programs or membership clubs that can help you save money on your prescriptions. You can also check with your insurance plan to see if they have preferred pharmacies that offer lower copays or other incentives.

Additional Resources

• FDA: Generic Drugs

• AARP: 12 Ways to Save Money on Prescription Drugs

• Consumer Reports: 6 Tips for Finding the Best Prescription Drug Prices

By implementing these strategies and working closely with your healthcare team, you can potentially lower your prescription drug costs and maintain access to the medications you need for optimal health.