There’s no getting around it: prescription drugs are expensive. In fact, if you have a lousy insurance policy, you could end up paying thousands of dollars out-of-pocket just to get your hands on the medications that you need.
Are you in this position? Wondering how to soften the blow? There are a few different ways to save on prescription costs, all of which we’ll discuss in this article.
- Opt for Generics
In general, there are two types of prescription drugs: Name-brand drugs and generic drugs. When it comes to cost, it’s not even close: generic drugs are substantially cheaper than name-brand drugs. In fact, in most cases, generic versions are around 80% to 85% cheaper than name-brand versions.
Of course, this means that generic drugs are of lower quality than name-brand drugs, right? Not at all, actually.
In fact, in the vast majority of cases, name-brand drugs and their generic equivalents share exact ingredients. As such, there’s really no reason to ever opt for name-brands.
So, when your doctor is writing you up a prescription, be sure to ask if there’s a generic version available. If there is, your doctor will be glad to write it up for you.
- Make Use of Assistance Programs
Another way to save money on prescriptions is to make use of assistance programs. There are quite a few assistance programs available in the United States, some of which can help you save as much as hundreds of dollars a month.
First, look to your state and local governments. Most states provide specialized assistance programs, as well as a program called Medicare Extra Help. The latter is beneficial to those on Medicare.
Next, you should look for non-profit assistance programs. Some popular ones include Partnership for Prescription Assistance and Needy Meds. You might be able to find others by searching for “non-profit prescription assistance” in Google or another search engine.