With the rising cost of living, many families are feeling the financial strain. New York Life reports that 73% of parents are struggling to keep up with household expenses.
Compounding this issue, research from the JAMA Network reveals that when faced with high prescription costs for their children, parents often sacrifice their own healthcare needs to save money. With over 20% of children using prescription medications each month, the repercussions of high drug costs are far-reaching and deeply concerning.
Fortunately, as Matthew Herfield, Co-Founder and CEO of BuzzRx explains, there are several ways parents can save on prescription costs and reduce their financial burden.
1. Ask for Generic Alternatives
“One of the most important things you can do to save is to ask your doctor for generic alternatives to brand-name drugs whenever possible,” Herfield advises. “Generic drugs often cost 80-85% less than their name brand counterparts, even though they have the same active ingredients. These drugs also go through an approval process with the FDA to ensure they work effectively so that you won’t compromise the quality of your child’s care.”
It’s worth noting that patents for some drugs mean generic alternatives aren’t always available. And quite often, doctors aren’t going to bring up the possibility of using a generic drug on their own. Parents need to be proactive in discussing these options with their family’s doctors.
2. Check Availability of 90-Day Prescriptions
Another prescription medication hack that can help lower household drug costs is checking if a 90-day (rather than monthly) prescription is available, particularly for chronic conditions like diabetes.
By obtaining a 90-day prescription, you avoid paying three copays for a prescription drug over those three months. You will likely pay a single copay for the 90-day prescription. Alternatively, making a cash payment for a 90-day prescription could also be cheaper than the total cost. Busy parents may also enjoy time savings by taking fewer trips to the pharmacy.
3. Make Use of Prescription Discount Programs
Herfield is quick to cite the value of prescription discount programs, such as the one offered by his own company, BuzzRx. These discount programs do not require sign-up or have income, insurance, geographic, or other requirements, making them readily available to all families.
“The free BuzzRx prescription discount card and app allows members to save up to 80% or more on their prescription drug costs,” he explains. “These discounts are available at over 60,000 pharmacies nationwide for both brand-name and generic drugs. Quite often, the discounted pricing we negotiate with the pharmacies ends up being less than what you would be charged with your insurance copay.”
According to Herfield, BuzzRx users who fill one prescription per month save an average of $845 per year, offering much-needed financial relief for families trying to make ends meet. Households with insurance can ask the pharmacy to compare whether insurance or a discount program would be cheaper for different medications, selecting the most cost-effective option for each drug at the point of sale.
4. Do Comparison Shopping
Even with the help of prescription discount programs, Herfield recommends that parents do some comparison shopping to ensure they get the lowest prices possible for prescription drugs.
“The cost of a prescription can vary significantly between pharmacy chains,” he notes. “It’s always worthwhile to research your options on BuzzRx.com or the app before you simply go to the pharmacy you usually visit.”
He continues, “This is why we provide a free search tool on our website that allows you to quickly compare the cost of medication at various pharmacies in your area when using a BuzzRx discount card. You might save $60 or more just by going to a pharmacy with a better discount.”
5. Check Eligibility for Charitable Support
In addition to prescription discount programs such as BuzzRx, government discount programs and even charitable organizations can help parents better afford their family’s prescriptions.
For example, the Patient Advocate Foundation Co-Pay Relief Program provides financial assistance to insured patients to help cover copays for prescriptions and other medical treatments. Eligibility and funding availability vary for different medical conditions and geographic areas, but support is often available for households making up to 400-500% of the Federal Poverty Guideline.
Additional charitable relief programs are available at national, state, and local levels. Some drug manufacturers also offer their own assistance programs for uninsured individuals or low-income households. While your household may not qualify for all available programs, any additional support is worth investigating to determine if you can receive extra assistance.
Cheaper Prescriptions Are Possible
While high prescription prices can understandably put significant financial stress on parents, the good news is that several viable strategies can help lower their costs. By making use of the various practices and resources available in your area, you can reduce the financial burden of keeping your family healthy so that you have more money left over to cover other essential needs.
“Managing prescription costs for a family is never easy, but you can keep them from becoming a major financial burden,” Herfield concludes. “Be proactive about looking into all of your options, and talk to your pharmacist for recommendations — they can help find solutions that work for you.”
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This post brought to you by M Rafiq
Photo by Anastasiia Gudantova on Unsplash
