Learn the Hacks to Reduce Prescription Drug Costs

The average American spends about $1,300 each year on prescription drugs, and U.S. drug prices rank some of the highest globally. But did you know the cost of your prescriptions varies by the place they are purchased? This means you can get lower costs and discounts just by doing a little research. This is especially useful to know as drug prices have only increased in recent years, but regardless, who doesn’t want to save money?!

Other than the fact that you spend less on prescriptions to benefit your health, here are some other reasons you may want to reduce your prescription drug spending:

1. If you have an HSA compatible plan, you want to pay less out of your pocket so finding the lowest price is important.
2. If you make a conscious effort to pay the lowest cost for prescriptions, it costs your company less and then they can pass these savings on to their employees.
3. Different drug coverage plans have different benefits, so it’s important to know which drugs and vendors are most compatible. For example, if you are a member of the Medicare Part D drug plan, your plan pays for drugs differently than most other commercial healthcare plans. For example, prescription drugs that have a lot of television commercials will be of a much higher cost.

No matter what your prescription drug plan is no one should have to pay an arm and a leg for something that you need to be healthy. Once you research what type of plan you have and its specific benefits, here are some basic tips to help you save on prescription costs:

1. Go generic when you can. Generic drugs have a much higher chance of being covered by health plans and usually have the same efficacy.
2. Buy 90-day supply. Paying more up front will cost less than paying for multiple prescriptions in a shorter amount of time.
3. Compare prices at different pharmacies. Most carriers have a tool on their website to help you do this. 
4. Be your best advocate when you are talking to your doctor. Tell them that you want to try to get the best drugs for a reasonable cost and not just the newest drug a salesperson may suggest.

To learn more about saving on prescription drugs, contact your DII representative. DII is your partner in health and safety. Our team of experts can work with you to understand the tips and tricks to reduce drug prices. Please contact your DII representative for more information.  #PrescriptionDrugHacks