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How to Make the Most of Your Drug Insurance Coverage

Originally published on

Even if you have sufficient health insurance coverage in place, the high cost of prescription medication could put your finances at risk. Drug prices are on the rise, and those high costs are becoming a real burden for many patients.

That is why it is so important to understand and make the most of the drug insurance you have in place. Whether your drug insurance is an integral part of your major medical plan or a standalone type of coverage, understanding how it works and abiding by its many rules and regulations could save you a ton of money while still allowing you to get the medications you need.

Go Generic

Generic medications are almost always less expensive than their brand-name counterparts, so always ask if there is a generic available. Even if your doctor prescribes the brand name medication, the pharmacist filling the order should be able to substitute a less costly generic product.

If there is no generic equivalent available, ask the pharmacist if there are other savings available. Savings cards, club cards, and other memberships could save you money on brand-name medications and make them considerably less expensive.

Check Out Club Store Savings

Even if you are not a member of a club store like Sam’s or Costco, you might want to check out their pharmaceutical offerings. Make a list of your medications, then give the club store pharmacy a call. You might be surprised at how much you can save with this simple strategy.

Be sure to ask the club store pharmacist about your drug insurance – you may get an extra discount tied to the coverage you already had. Even if you can only save on one or two medications, you will be making the most of your drug insurance and putting extra money in your pocket.

Talk to Your Doctor

Doctors are always looking for the next big breakthrough, but sometimes the old medications work just as well – and they are almost always less expensive. If your doctor prescribes a brand-new medication with a sky-high price tag, ask if they can substitute an older drug.

You can always try the older and less expensive medication to see if it works for you and relieves your symptoms. If so, you can pocket the savings. If not, you can always move up to the more costly medication.

Look into Mail Order

Switching to a mail-order pharmacy could save you a ton of money and make your life more convenient. Many mail order pharmacies offer 90-day medication supplies, so you will need to refill your drugs less often. In addition to the convenience factor, these mail order pharmacies are often less costly than their brick-and-mortar counterparts, due to their relative lack of overhead and lower operating costs.

The cost of prescription drugs is not going anywhere but up, and patients need to be proactive about saving money. If you are on one or more of these medications, you already know how costly those prescriptions can be. The tips listed above can help you make the most of the drug insurance you already have so that you can save your money for other things.

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