Prescription costs can vary widely, even for the same medication, which is why many people look beyond their insurance plan for additional savings.
Prescription discount programs have become a popular option for comparing prices and lowering out-of-pocket costs, especially for generic medications. While these programs can sometimes offer significant savings, it is important to understand how they work, when they may be more cost-effective than using insurance, and how choosing a discount option could affect your overall healthcare spending.
How do prescription discount programs work? These discounts can’t be combined with your benefit plan’s coverage, so make sure to check the price against the cost of using your insurance’s prescription drug benefit. Something else to consider: If you choose to use a discount card and are therefore not tapping into your insurance’s prescription drug benefit, the cash amount you pay for the prescription may not count toward your deductible or out-of-pocket maximum under the benefit plan.
Prescription discount cards were used in 5.4% of all prescription transactions in 2021, up from 3.3% in 2017. Industry forecasts project market value will reach $2.9 million by 2030.
GoodRx is a web- and app-based platform that allows you to search for prescription drug coupons and compare pharmacy prices. The company claims a savings of up to 80% on generics.
Optum Perks also provides coupons for medications and a searchable database for drug cost comparison at participating pharmacies near you. The Optum Perks member card, which can be used at more than 64,000 pharmacies, is free to use and requires no personal data.
Amazon Prime Rx Savings is a discount card, which is included with an Amazon Prime membership and is administered by Inside Rx. It provides discounts of up to 80% for generics and up to 40% for brand-name medication at participating pharmacies. Cost Plus Drug Company is a web-based pharmacy that claims to keep costs low by buying directly from the manufacturer. It currently only offers a certain selection of medications and accepts a handful of prescription insurance providers, but it may be worth checking the price difference between Cost Plus and your regular pharmacy.
As prescription prices continue to vary across pharmacies and providers, using discount tools alongside your health plan can help you make more informed financial decisions. Evaluating both your insurance benefit and available discount options ensures you choose the most cost-effective solution for your medication needs.
