Top 5 Ways to Save on Prescription Medications

Prescription drugs have only been getting more costly in the US, and it’s not just you. A 2023 study by the American Medical Association underlined that the mean yearly out-of-pocket prescription drug expenses per individual rose by more than 11%. For underinsured and uninsured persons, the outgo can be much higher, who’d resort to skipping treatment. 

A number of strategies can help alleviate the strain. In this blog, we will discuss the top 5 ways to save on prescription medications and how Beem Healthcare can help you. Let’s get started!

Why Prescription Savings Matter

The Increasing Cost of Medications

Prescription drug prices have risen sharply in recent years. According to the AARP, nearly 80% of Americans aged 65 and older take prescription medications, and a significant portion of them report difficulty affording the drugs they need. The U.S. spends more on prescription drugs than any other country in the world, with the average American paying about $1,200 a year on prescriptions alone. This inflationary trend is especially hard on those without insurance or with high-deductible insurance plans, making it essential to explore ways to reduce these costs.

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Consequences of High Prescription Costs

High prescription costs have serious consequences for patients. Many individuals choose to skip or cut back on their medications to save money, putting their health at risk. Skipping medications can lead to worsening conditions, unnecessary hospitalizations, and even preventable deaths. Moreover, expensive medications force families to allocate funds from other important areas, like food and housing.

Affordable access to prescriptions isn’t just a matter of cost—it’s a matter of public health. Ensuring that people can afford their medications helps improve health outcomes and reduce overall healthcare expenses.

Top 5 Ways to Save on Prescription Medications

1. Use Prescription Discount Programs

Prescription discount programs are a great way to lower the cost of your medications. These programs provide access to pre-negotiated prices for a wide range of drugs, often without the need for insurance. They work by offering discounted rates through partnerships with pharmacies.

Discount programs like Beem Healthcare, GoodRx, and SingleCare help reduce the cost of both brand-name and generic medications. With no enrollment fees, you can start saving immediately. Simply present the discount card at participating pharmacies to enjoy lower prices.

Where to find legitimate programs? Be sure to use verified, well-known services like Beem Healthcare to ensure you’re getting the best rates and avoiding scams.

2. Choose Generic Medications Over Brand-Name

Generic medications are chemically identical to their brand-name counterparts but cost a fraction of the price. According to the FDA, generics can cost up to 85% less than brand-name drugs.

For example, the generic version of Lipitor, called Atorvastatin, costs significantly less than the brand-name version, offering the same effectiveness. If your doctor prescribes a brand-name drug, ask if a generic version is available. Generic drugs are available for many common medications, and they’re subject to the same strict quality control standards as brand-name medications.

3. Compare Prices at Different Pharmacies

Pharmacy prices can vary significantly, even for the same medication. Chain pharmacies like CVS or Walgreens may charge more than independent pharmacies or wholesale retailers. Price differences can also arise from regional variations or pharmacy location.

To save money, take the time to compare prices. Websites like GoodRx and SingleCare allow you to check prices at multiple pharmacies in your area and even show you the best deals. Some online discount services also provide information on which pharmacies in your area offer the lowest prices for specific medications.

4. Consider Mail-Order or Online Pharmacies

For long-term medications, mail-order or online pharmacies can be a cost-effective solution. These services often offer lower prices because they reduce overhead costs, like in-store labor and rent. By purchasing in bulk, you can save even more on ongoing prescriptions.

Mail-order pharmacies are particularly beneficial for maintenance medications, such as those for chronic conditions like diabetes or high blood pressure. However, it’s crucial to ensure you’re using a reputable, licensed online pharmacy to avoid counterfeit or unsafe medications.

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5. Take Advantage of Manufacturer Coupons and Assistance Programs

Many pharmaceutical companies offer discount programs and coupons to make their medications more affordable. These manufacturer programs are designed to help patients with limited income or insurance access receive necessary treatments at a reduced cost or even for free.

To take advantage of these programs, ask your doctor for information about any available patient assistance or savings programs for the medications you’re taking. You can also check the manufacturer’s website for specific details on eligibility requirements. In addition to patient assistance, some pharmacies offer loyalty programs that provide discounts or reward points on future prescriptions.

How Beem Healthcare Program Helps Reduce Prescription Costs

Beem Healthcare’s Discounted Prescription Benefits

Beem Healthcare is designed to make healthcare more affordable for everyone. By offering discounted prices on a wide range of medications, Beem Healthcare helps reduce the financial strain of prescriptions. With Beem, members can access discounts at thousands of pharmacies nationwide, including CVS, Walgreens, Rite Aid, and Walmart.

Beem also provides discounts on additional healthcare services, such as vision care, dental care, and mental health support. Members benefit from personalized savings across a variety of healthcare needs, making it an all-in-one solution for reducing medical expenses.

Accessing Affordable Healthcare Through Beem

Signing up for Beem Healthcare is quick and easy. Once enrolled, members gain immediate access to discounted prescriptions, as well as telehealth consultations with licensed healthcare providers. Beem’s digital platform makes it simple to manage your prescriptions, schedule virtual doctor visits, and access additional savings on preventive care.

Beem is available to anyone, regardless of insurance status, and it offers flexible options that make it easier to afford necessary medications and healthcare services. The program is especially beneficial for those who are underinsured or have high-deductible health plans.

Comparing Prescription Savings Options

Discount Programs vs. Insurance-Based Savings

Prescription discount programs like Beem Healthcare can be more cost-effective than insurance-based savings, especially for individuals with high-deductible plans. While insurance may cover part of the cost of medications, co-pays, and deductibles can still be a significant financial burden. Discount programs provide immediate savings, often offering better prices than what your insurance plan would cover.

Discount programs are also ideal for individuals who don’t have insurance. In contrast, insurance plans may limit your medication choices or impose restrictions on generic options.

Beem Healthcare vs. Other Discount Services

What sets Beem Healthcare apart from other discount services is its comprehensive healthcare offerings. While many discount services focus solely on prescriptions, Beem provides access to additional healthcare services, including telehealth consultations, mental health support, and preventive care.

Beem is also highly user-friendly and transparent, offering easy access to a wide range of healthcare discounts, including on medications, dental services, and vision care.

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Risks and Limitations of Prescription Savings Programs

Understanding Coverage Restrictions

While prescription discount programs can save significant amounts of money, they don’t always cover every medication. Specialty medications or brand-name drugs that don’t have generic alternatives may not be eligible for discounts. It’s important to check whether your specific medication is included in the program’s savings.

Avoiding Unverified Online Pharmacies

Not all online pharmacies are legitimate. Unverified online pharmacies may sell counterfeit medications that could be dangerous. To protect yourself, always ensure that the online pharmacy is licensed and accredited by the National Association of Boards of Pharmacy (NABP) or similar regulatory bodies.

Alternative Ways to Reduce Healthcare Costs

Exploring Government and Nonprofit Assistance Programs

For those who qualify, Medicaid and Medicare offer prescription drug coverage, which can help reduce out-of-pocket costs. Additionally, nonprofit organizations like NeedyMeds provide resources for those struggling to afford their medications, offering information on financial assistance programs.

Negotiating Lower Prices with Healthcare Providers

It never hurts to ask your doctor or pharmacist if there are lower-cost alternatives to your prescribed medications. Many healthcare providers are open to discussing generic options or adjusting dosages to reduce costs. You can also request medication samples from your doctor to help reduce immediate costs while you explore longer-term savings.

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Conclusion

Prescription medication costs are a significant concern for many people, but with the right strategies, you can significantly reduce such expenses. Whether it’s through prescription discount programs, choosing generics, or taking advantage of manufacturer coupons, there are multiple ways to save.

Beem Healthcare is an excellent solution for those looking for an all-in-one healthcare savings platform. By offering discounts on medications, virtual doctor visits, and preventive care, Beem provides an affordable way to manage prescriptions and overall health. Take control of your healthcare costs today by signing up for Beem Healthcare and start saving! Download the app here.

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