How To Save Money on Your Prescription Drugs

Save Money on Your Prescription Drugs

We live in a world where it costs money to be sick. Between doctor visits, time off work and prescription fees, it’s no wonder that healthcare can be such a polarizing issue. In many cases, spending money on prescription drugs is unavoidable at some point in our lives. 

Fortunately, there are ways to cut costs while staying healthy. Here are some helpful tips to save money on prescription drugs. 

Use an Online Pharmacy

Most people live a connected life, with access to the world wide web in their pocket. As the world moves more online, many traditional businesses are also exploring online service opportunities. Banks, retailers, doctors and even fitness services can be found on the internet — even more so after the global pandemic. Pharmacies are no exception to this paradigm shift.

According to the experts at Canada Pharmacy, there are several benefits to using an online pharmaceutical provider. These services allow you to receive your prescription delivery while staying safe at home and often have several cost-saving benefits as well. As online pharmacies don’t have the same overhead and staffing costs as traditional pharmacies, they’re able to pass along savings to their customers. 

Choose a Generic Brand

We don’t often think of branding in relation to medicine, but it’s a real thing. Brand-name drugs are significantly more expensive than their generic alternatives. This effect is partially related to patents and who owns the rights to the formula. After a certain period of time, other brands are allowed to access the formula and compete.

A generic brand of a prescription drug is similar to a no-name brand at the grocery store. It’s the same product and formula, but at a lower cost. Ask your doctor or pharmacist if there’s a generic alternative for your medication to save money.

Shop Around for Dispensary Fees

A dispensary fee is a flat rate that you’re charged for accessing the pharmacy’s services. In essence, it’s what you’re paying for the pharmacist’s time when they are putting your prescription together. Every time you go to the pharmacy, you pay a dispensary fee.

Take the time to research local dispensary fees and consider using a pharmacy that charges less. Online pharmacies are one alternative, but big-box department stores also tend to have lower dispensary fees. 

Get Recurring Prescriptions in Bulk

In addition to shopping around for dispensary fees, you’ll also want to consider how often you pick up recurring prescriptions. If you have medication that you need to refill on a regular basis, consider stocking up and buying in bulk. By doing so, you’ll pay less in dispensary fees on top of your prescription costs.

For example, if you have a monthly prescription of blood pressure medication and the dispensary fee is $12, you’ll pay $12 a month refilling your prescription. However, if you get three month’s worth of your prescription in one trip, you’ll only pay $12 for that same period. The difference is paying $144 per year in fees versus paying $48 per year.

See Also

Weigh the Value of Insurance

If you have expensive, recurring prescription needs, it’s worth weighing the value of insurance. Paying for insurance isn’t for everyone. In many cases, you end up paying more in premiums and deductibles than you would pay out of pocket. However, if you have an underlying illness or costly recurring prescriptions, it’s worth weighing the value of drug coverage.

Heal the Cause

There’s no shame in relying on medicine to help you stay happy and healthy. For some people, there’s no other option. However, if you have something that could be treated holistically, you should try to treat the underlying cause to cut back on your prescription needs.

Using the blood pressure example, you can make significant improvements with healthy lifestyle changes. Sometimes, it’s a genetic issue that you can’t overcome. However, it’s worth a shot if it means no longer needing medication.

With these simple tips, you can save on prescription drugs and live a happy, healthy life.

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