Prescriptions can be so costly that people end up in debt over them. If that describes you, it may seem like you are stuck paying a high premium for medications with no way out. There may be hope! Here are 4 ways to save money on prescriptions and avoid more consumer debt.
Ways to Save Money on Prescriptions & Avoid Consumer Debt
Go Generic on Medication to Reduce Expenses
Generic drugs are not like generic items in stores. The FDA says, “They are copies of brand-name drugs and are the same as those brand name drugs in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use.” So no need to worry, just save yourself some money.
Box Store & Drug Company Discount Programs
According to Consumer Reports, there are many retailers that offer discount drug programs. Some are membership based and others just offer very low prices on certain medications. This is a great way to take advantage of savings and help avoid consumer debt.
Similarly, drug companies sometimes offer discount programs for certain expensive medications. These programs usually come with income or other requirements. You may need to do some research online and make some calls, but it could pay off!
Shop Around for Prescription Savings
Luckily, there are plenty of pharmacies out there offering the same products at different price points. Before you fill your prescription, shop around to see where you can get the best deal. There are apps to help you figure this out more easily, like GoodRx.
Use Mail Order Prescription Services to Save Money on Prescriptions
Another way to save money and avoid more consumer debt is to use a mail order prescription service. Instead of picking up a 30 day supply, you receive a 90 day supply in the mail. For some reason, it typically reduces your costs. I definitely saved a lot of money by switching to this program. Ask your insurance company if this is an option for you.
Saving money on what you thought was a fixed expense can go a long way in your budget, especially if you are trying to reduce credit card debt. It may take a little work, but saving money on prescriptions will be well worth it.