(FinancialHealth.net)– Get Lower Out-of-Pocket Costs With a Prescription Savings Card
Keeping up with health care costs can be challenging. The rising price of medications and office visits can throw any budget out of whack. One way to sliver some dollars off of these rising expenses is to use a savings card to help curb prescription drug costs. Check out how this may help keep more money in your pocket where it belongs.
What Is a Prescription Savings Card?
When it comes to saving on medication costs, a prescription savings card may be the ticket. But how does it work? In many cases, the provider of the card offers a service that searches by zip code for the lowest retail price of current medications, showing where the prescription can be had for the lowest cost.
Many local pharmacies and major retailers offer savings or discount cards that have easy sign-ups and almost everyone is eligible. Those interested can also obtain one online with a big company like Community Cares Rx. Savings can be up to 80 percent on both name-brand scripts as well as generic ones.
Should You Get One?
There are several reasons for getting a prescription savings card. The biggest one could be that your existing insurance doesn’t cover certain name-brand prescriptions or only pays for a portion. Having a card can also make deductibles or copays more affordable so you don’t have to dip into your savings to pay for them. Some health insurance plans don’t have any prescription coverage. Savings card companies let you know which pharmacies offer medications at low or no cost. One card typically covers an entire family, so the cost savings really add up.
Getting the Most Out of a Savings Card
First, make sure that your preferred pharmacy participates or accepts your savings card. Discount cards can work in addition to insurance or prescription cards, so those who have one should present it at every purchase. The pharmacy will scan the card and give you the lowest possible cost available. If the pharmacy price matches a competitor’s, you don’t have to worry about traveling all over town to get the savings as the discount is applied right away.
Other Ways to Save Money on Prescription Costs
A prescription savings card is one way to save money on medications, but if you still need more help, check out these options:
- Change up an existing prescription plan to one offering better coverage. If needed, tweak the policy to pay less out-of-pocket.
- Apply for prescription assistance through local and state resources. This helps if you need a life-saving medication but are unable to pay for it.
- Adjust supply from 30 to 90 days in order to get more at a time. This may be a larger cost-savings because of the less frequent copay.
- Find out if your employer offers an HSA or health savings account. It’s interest-free money with an annual contribution that can help pay for medical costs like prescriptions.
Don’t forget that doctors can sometimes help those having trouble paying for prescribed medicines. Samples, manufacturer discounts, or a different prescription can help slash costs.
Using multiple ways to save on prescription costs can provide more financial freedom and peace of mind. A prescription savings card might be a great way to save and track costs along the way. The result just may be a healthier lifestyle and a better-looking wallet.
~Here’s to Your Financial Health
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