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Prescription medications can sometimes be the most expensive healthcare service individuals can afford. They can be very expensive, whether they are needed for seniors to treat chronic conditions on a daily basis or for younger folks on an irregular basis for acute ailments, or as prevention. Support is available that can help reduce your out-of-pocket expenses without compromising your care. Two key tools that help consumers save on medications are pharmacy price drops and formulary alerts.
A pharmacy price drop occurs when the cost of medicine drops, either due to market changes, discounts, or alterations within the insurance program. A formulary alert notifies you when a drug is added to the preferred list of your insurance plan or when there is a change in price or coverage for a medication. These two tools build upon consumer power by helping them use their money wisely and save several hundred dollars annually. Let’s explore pharmacy price drops and formulary alerts, and how to utilize them.
What Are Pharmacy Price Drops?
Definition of Pharmacy Price Drops
A pharmacy price drop occurs when the cost of a medication decreases. These reductions can happen at the retail level, meaning your local pharmacy lowers the selling price, or at the insurance level when a drug becomes covered by a plan or is assigned a lower copay tier. Factors contributing to this include:
- Market competition among pharmacies.
- Introduction of generic alternatives.
- Manufacturer discounts or rebates.
- Insurance plan updates or formulary changes.
Price drops are especially important for high-cost medications, such as specialty drugs or treatments for chronic conditions, because even small decreases can lead to significant savings over time.
How Pharmacy Price Drops Can Save You Money
Price drops directly affect your out-of-pocket costs. For example, if a chronic condition medication costs $50 less per month, that translates to $600 in annual savings. For families managing multiple prescriptions, the total savings can quickly add up to a substantial amount. Beyond the financial benefits, price drops make it easier to stay compliant with your prescribed regimen, since lower costs reduce the risk of skipping doses due to affordability concerns.
Beem helps you track these price changes across multiple pharmacies and insurance plans. This means you no longer need to check each pharmacy individually or manually monitor your insurance formulary. With real-time alerts, you are informed the moment a price change occurs, allowing you to act immediately and maximize your savings.
What Are Formulary Alerts?
Definition of Formulary Alerts
A formulary is a list of medications that your insurance plan covers, often organized by tiers that determine your copay or coinsurance. A formulary alert notifies you of changes to this list, such as:
- A new drug being added to your plan’s coverage.
- Price adjustments or copay reductions for existing drugs.
- New generics becoming available for your current prescriptions.
Formulary alerts allow you to respond quickly to changes and ensure you’re paying the lowest possible amount for the medications you need.
How Formulary Alerts Work
Insurance plans regularly update their formularies to reflect new medications, pricing adjustments, and cost-effective alternatives. Beem’s platform monitors these updates and sends alerts directly to users when relevant changes occur. For instance, if a medication you take becomes a preferred drug on your plan, your copay may decrease significantly. Similarly, if a generic version of a brand-name drug becomes available, Beem will notify you so you can discuss switching with your healthcare provider.
Benefits of Formulary Alerts
- Informed Choices: By receiving alerts, you stay updated on lower-cost alternatives or more affordable medications.
- Timely Switches: Formulary updates often occur throughout the year. Being notified immediately allows you to switch to a lower-cost option as soon as it becomes available.
- Cost Savings: Making the right switch at the right time can significantly reduce your prescription costs, especially for long-term or chronic medications.
How Pharmacy Price Drops & Formulary Alerts Work Together to Save You Money
Combining Price Drops and Formulary Alerts for Maximum Savings
While pharmacy price drops and formulary alerts are valuable individually, combining them can yield substantial savings. For example, consider a high-cost medication that is added to your insurance plan’s formulary at the same time that the pharmacy reduces its retail price. Not only does your insurance now cover the medication, but the copay or coinsurance is also lower. This dual benefit can result in hundreds of dollars saved annually, without compromising your care.
How Beem Helps You Track and Use These Alerts
Beem integrates both pharmacy price drop notifications and formulary alerts in a single, easy-to-use platform. Users can:
- Track multiple medications across different pharmacies and insurance plans.
- Receive real-time notifications of price drops and formulary changes.
- Compare the total cost of a prescription at various pharmacies to ensure the best possible deal.
By leveraging Beem, you can stay ahead of changes, make informed decisions, and save money without the stress of manually tracking prices or insurance updates.
How to Get the Best Deals on Your Prescriptions with Beem
Step 1: Set Up Pharmacy Price Drop Alerts
Setting up price drop alerts is a simple and highly effective process. Through Beem’s platform, you can select the medications you take regularly and receive notifications when prices decrease. This ensures that you never miss a chance to purchase a prescription at a lower cost.
Tip: Track your medications regularly and use Beem’s alerts to check for new savings opportunities across multiple pharmacies and plans.
Step 2: Sign Up for Formulary Alerts
Formulary alerts keep you informed about changes in your insurance coverage. By registering on Beem’s platform, you can receive notifications for both current prescriptions and new medications that your plan begins covering.
Tip: Use these alerts to switch to more affordable drugs or generic alternatives as soon as they become available. Timing can make a big difference in your yearly prescription costs.
Step 3: Compare Pharmacy Prices and Plans
Beem allows you to compare the costs of your prescriptions across different pharmacies and insurance plans. This comparison can help you identify which pharmacy or plan offers the best deal for your specific medication needs.
Tip: Even if you have insurance coverage, comparing prices may reveal significant savings by switching to a preferred pharmacy or generic equivalent.
How to Make the Most of Pharmacy Price Drops & Formulary Alerts
Be Proactive and Check Regularly
To maximize savings, don’t wait for a surprise price drop. Check your medications regularly using Beem’s platform. Set reminders or automate alerts so you’re notified whenever there’s a change. Being proactive ensures you capture savings opportunities before they expire or before your medication costs increase.
Switch to Generic Medications When Possible
Generics often cost significantly less than brand-name drugs and are equally effective. Beem’s formulary alerts notify you when a generic becomes available, allowing you to switch promptly and reduce costs without compromising care.
Example: A generic version of a commonly prescribed cholesterol-lowering drug might be $50 cheaper per month, resulting in substantial annual savings.
Discuss Alternatives with Your Doctor
Price drops or formulary changes can present new options for medications. Always discuss these alternatives with your healthcare provider to ensure the new medication is safe and effective for your condition. Beem’s platform provides alerts for all available options, giving you the information you need to make informed, collaborative decisions about your healthcare.
Conclusion
Pharmacy price drops and formulary alerts are powerful tools for managing prescription costs. When used effectively, they can reduce your out-of-pocket expenses, make medications more affordable, and help you stay compliant with your treatment plan.
Want 24/7 on-demand care for you and your family? Beem’s total family health program has you covered. Start your free 1-month trial now and enjoy benefits ranging from Teladoc, up to 50% discounts on diabetic supplies and prescription medications, in addition to free online or in-person counseling services. Beem’s platform also provides comparison tools and actionable insights, empowering you to make informed decisions. Download the app here.
FAQs for Pharmacy Price Drops and Formulary Alerts
How do I know if my medication qualifies for price drop alerts?
Beem allows you to track specific medications, and you will receive notifications if the price of any drug you’re taking drops.
Will I be notified if a generic version of my medication becomes available?
Yes, formulary alerts notify you when generics are introduced so that you can switch to a more affordable option.
Do all insurance plans cover pharmacy price drops?
Some plans may not directly reflect price drops, but Beem helps you compare different plans to find the best pricing for your prescriptions.
How can Beem help me save on my prescriptions?
Beem keeps you informed about both price drops and formulary changes, helping you choose the most cost-effective medications without sacrificing quality.
Can I set up multiple alerts for different medications on Beem?
Yes, you can track multiple medications and receive separate alerts for each, allowing for a comprehensive and proactive approach to saving on prescriptions.
