Let’s face it– prescription medications are expensive, especially if you’re uninsured or if the medication you need is not covered by your health insurance. But for many of us, doing without much-needed medicines is not an option. So how can you start saving money on your prescriptions?
One simple way to start saving anywhere from $5-$50 per prescription is to take the extra time to shop around. The convenience of big box retailers (such as CSV and Walgreens) often comes with a price tag of 2 – 10 times the normal price. Here are a few alternatives we suggest:
Grocery Stores
Grocery stores are often chains as well, so what differentiates them from expensive big box retail stores? The major difference is that grocery stores are not dependent on making a profit on prescriptions. To them a pharmacy is just another way of getting customers in the door. Grocery stores are more likely to sell you prescriptions at cost because who isn’t going to buy milk on their way out?
Independent Pharmacies
Another option worth checking into is independent pharmacies. Though chain pharmacies are able to secure better financial conditions when purchasing drugs in bulk, independent pharmacies almost always have a lower cash price than big chain pharmacies. But why is that? Very often the pharmacist helping you at the counter and refilling your prescription at an independent pharmacy is the owner himself. Where at big chains, and even at grocery stores, the pharmacists have no say or involvement in pricing, the owner at an independent pharmacy can make pricing decisions and is more apt to honor lower prices seen elsewhere.
So what about these big pharmacy chains we see on every street corner? Why don’t customers benefit from their favorable purchasing conditions with pharmaceutical companies? The profits of these favorable purchasing conditions go straight into their own pockets and are not extended to customers. This problem has become more pertinent than ever before as pharmacies continue to consolidate. A bigger problem yet, is that health insurance companies with partial ownership of these pharmacies continually steer customers back to their locations.
At the end of the day, convenience costs a pretty penny. But don’t just take our word for it. Online price comparison tools for prescription drugs are becoming more popular and accessible.
Here is just one example of how much you doing your due diligence may save you. Take the common drug, atorvastatin. Checking out the pricing on a common discount card program such as Goodrx you can already begin to see a pattern. Try a search in your area.
Various pricing among grocery stores are pictured in this first image. The example used is atorvastatin:
This second image is the same drug, but depicts various pricing among big chain pharmacies and retailers:
Learn More:
Interested in saving money on your prescription medications? Click to learn more about Sustain Meds or follow this link to our intake form. By providing our team some basic information we can determine any savings you qualify for.