10 Tips to save money on prescription drugs

Are you feeling a bigger pinch on your wallet these days when you pick up your prescription drugs? Experiencing sticker shock because the cost of a drug you’ve been taking for years has skyrocketed?

If so, you’re not alone – and it’s not your imagination. Prescription drug costs in the U.S. are rising faster than inflation. Across the country, rising health care costs – especially for hospital services and prescription drugs – continue to challenge doctors, patients, health plans, businesses, and the entire health care system.

Check out these tips to help you save money on your prescriptions.

1. Choose generic drugs when possible and appropriate. Although the cost of generic drugs has risen, they are generally three to four times less expensive than brand-name medications and often just as effective. Ask if a generic is available when your doctor prescribes a brand-name drug. If the drug prescribed has no generic equivalent, ask your provider if a similar medication from the same class of drugs could be substituted.
   
2. Take medications as prescribed. Taking medication as prescribed by a provider, also known as medication adherence, remains one of the strongest ways to avoid higher costs. Skipping doses can lead to more medications or more intensive care later. Always take your medications as directed.
   
3. Compare prices. It often pays to shop around, comparing drug costs at local supermarkets, retail stores, independent pharmacies, and through mail order to find the best price. Additional discounts may apply if you order a 90-day supply of the medication, or your insurer may offer a discount program for generic drugs purchased through preferred pharmacies.
   
4. Consider spreading payments over time. If you’re a Medicare Advantage member, CDPHP® offers a Medicare Prescription Payment Plan for those who would like to manage out-of-pocket costs by spreading them across the calendar year. While this won’t save money, it does offer the chance to spread the cost of eligible Part D prescriptions into monthly installments.
   
5. Fill your prescriptions at the same pharmacy. You may be tempted to jump around between pharmacies to get the best deal on your medications, but that practice can jeopardize your health. Pharmacies keep track of your medications and dosages to minimize the risk of dangerous interactions between drugs you are taking. If you are filling prescriptions at multiple pharmacies, critical information can be missed.
   
6. Review prescriptions with your provider or pharmacist. It’s a good idea to reevaluate your medications on a regular basis, especially if you’re taking multiple drugs for one or more chronic conditions. There may be less expensive over-the-counter options, alternative non-drug treatments, or you may be taking multiple drugs for the same condition when one drug might be enough. Some insurers, like CDPHP, offer medication therapy management programs for Medicare Advantage members, which can be especially helpful for those with chronic disease.
   
7. Store medications properly. Make sure you are storing your prescription drugs appropriately, so their effectiveness and potency is preserved. Some medications need to be refrigerated. Others shouldn’t be exposed to light. And many drugs deteriorate in the moist, steamy conditions in bathroom medicine cabinets.
   
8. Ask about optimizing your drug dosage. Talk to your pharmacist or doctor to find out what drug schedule would be most effective in both cost and simplicity. For example, if your prescription requires you to take a drug multiple times during the day, a higher once-daily dose may prove to be less costly but equally effective. Or the reverse may be true: Taking a lower-strength medication twice a day could be less expensive. Understanding which way to go can be confusing, so be sure to check in with a professional for help.
   
9. Keep up with preventive care and consider lifestyle changes. Don’t underestimate the cost advantages of getting preventive care and making healthy lifestyle changes. Doing so can significantly reduce your risk of developing chronic conditions – such as heart disease, diabetes, cancer, and depression – and help you avoid the expense of prescription drugs used to treat them.
   
10. Ask your provider about payment plans or drug assistance programs. Don’t hesitate to tell your doctor if you can’t afford the drugs they prescribed for you. Doctors want their patients to achieve the best level of health possible, so they will often work with you to find drug savings programs, whether they are state-subsidized, like New York state’s Elderly Pharmaceutical Insurance Coverage (EPIC) program, national programs like the Extra Help Medicare program, or assistance provided directly from drug manufacturers.

CDPHP works with members every day to discover ways to stay healthy and manage the rising cost of health care. We remain deeply committed to helping our members find the coverage that best fits their needs at a price that is as affordable as possible.

For more information on managing prescription drug costs, talk to your doctor or visit cdphp.com/medicare/drug-coverage or cdphp.com/members/rx-corner.