Five Ways to Save on Medication in 2023

For people who need prescription medication, the beginning of each year often presents ongoing difficulties: Paying for prescription medications until they meet their deductible.

On January 1 of each year, most health insurance plans reset the money patients have paid towards their annual deductible. If your HMO plan has a prescription drug deductible, you’ll have to meet it again before your provider starts paying their share.

The financial burden is even heavier for those who have to pay out-of-pocket for the total retail price of their medication. Fortunately, there are some practical ways those on high-deductible plans and those with little to no insurance can get the medicine they need.

Keep reading for ways to save on medication in 2023.

How to Save on Medication in 2023

1. Look for Generic Options

Many kinds of name-brand prescription medication have generic equivalents. These are generally cheaper but equally effective. According to the Federal Drug Administration (FDA), generic medicines cost about 20 percent to 70 percent less.

It’s best to tell your doctor about your interest in switching to generic alternatives and let them know that you want to get your medication at the best possible price. They can write you a prescription indicating they allow substitution with a generic drug. Additionally, by law, pharmacists can substitute generic drugs for brand-name medication as long as the prescription does not specifically state the brand-name version must be used.

Keep in mind, however, that not all medications have generic versions. If the medication you’re prescribed is name-brand-only, check out the next steps for other ways to save on medication in 2023.

2. Use Prescription Discount Cards

Prescription discount cards or prescription savings cards are cost-savings programs meant to help people who have difficulty affording their medications. Many companies and nonprofits offer these cards, such as WellRx, FamilyWize and Inside Rx.

Most discount cards work similarly.

1. You download a digital discount card or the program's mobile app.
2. You search for medication discounts on the provider’s website or app.
3. You present your card to a participating pharmacy when picking up your prescription at check out, like how you would show your insurance card.
4. The pharmacy processes the discount and you save money.

How much money you save depends on many factors, such as which savings card you use. Sometimes, the discounted price is significantly less than the copay, saving you money.

However, it’s important to note that while people with insurance may use discount cards, the amount you spend on medication cannot be applied toward your deductible.

3. Sign Up for a Prescription Assistance Program (PAP)

Like prescription discount cards, PAPs are meant to help people with little to no insurance gain access to medication. Some PAPs give medicines for free, while others offer them at much lower prices than retail.

Many pharmaceutical manufacturers, as well as nonprofit organizations, offer PAPs. Some examples include:

• GSK for You
• Novartis Patient Assistance Foundation, Inc.
• HealthWell Foundation
• National Organization for Rare Disorders, Inc. (NORD)
• Novo Nordisk Patient Assistance Program
• Otsuka Patient Assistance Foundation

Note that most prescription assistance programs have eligibility requirements. While these may differ depending on the specific PAP you’re applying for. Generally, you’d need to prove the following:

• You’re an American citizen or living in the United States.
• You have a financial need.
• You either have inadequate prescription drug coverage or none at all, either from a public or private insurer.

4. Sign Up for Pharmacy Programs

Many chain and independent pharmacies offer cost-savings programs to their customers. These may be able to help you get your medication at a much lower cost than retail price or even for free.

Some examples of pharmacy programs for affordable medication are:

• Costco Member Prescription Program
• Rite Aid Rx Savings Program
• Walgreens Prescription Savings Club

Federally funded community health centers provide various medical services to patients regardless of their ability to pay. Many of them have partnered with pharmacies to provide free or affordable medication to patients.

5. Look for a Nonprofit Pharmacy Near You

Another option is to find a nonprofit pharmacy serving your area. Nonprofit pharmacies may also have eligibility requirements, such as a lack of health insurance coverage and financial need. Some examples of nonprofit pharmacies are:

• Dispensary of Hope
• Ritesh Shah Charitable Pharmacy
• Community First Pharmacy

You can find more nonprofit pharmacies in your area on the National Association of Free & Charitable Clinics website.

Get Inside Rx and Save on Your Prescription Medication

Another answer to the question, “How to save on medication in 2023,” is Inside Rx. An Inside Rx discount card gives users prescription medication savings of up to 80% on brand and generic medications.

A single Inside Rx savings card is all you need to get discounts on all of your prescription medications and even those of your household. You can even use Inside Rx to get deals on human medication prescribed to your pets!

Inside Rx is free to download and use—no lengthy sign-up process or membership is required.

To get started, download your Inside Rx card from the website. Look up your medication by typing in its name and add your zip code to the search filters to pull up discount information from pharmacies in your area.

Once you’ve found the best price, order your prescription as usual. Then, present the card to the pharmacist when you pick it up to get the discount.

For more information about Inside Rx, check out our help page.

Sources:

• https://consumer.ftc.gov/articles/generic-drugs-low-cost-prescriptions
• https://mdlinx.com/article/as-drug-costs-rise-nonprofit-pharmacies-respond/sZJhWTP4DIXGql0NUilFq