5 Things You Should Know About Prescription Drug Coupons
Category: Drug Information
Posted on July 17, 2022
Scott is passionate about health and wellness, and enjoys writing on various topic surrounding these fields. Scott lives in Seattle and spends his free time restoring old furniture and playing pickleball with his friends.
By the numbers, 66 percent of all American adults use prescription drugs. According to the Health Policy Institute, the total cost of prescription drugs topped out at $73 billion back in 1998.
For individuals who are older or battling chronic illness, you can't skip a refill to save money — you need your medication. So you're stuck covering whatever your insurance provider won't pay for. And given the rising cost of living, the explosive popularity of prescription drug coupons isn't a surprise.
How can you get in on these savings? Are there any factors to be aware of? Keep reading to find out.
1. You May Still Need Insurance
Or, to put it another way, it may not always be possible to replace your insurance provider with coupons.
Let's say you've got a prescription drug coupon that'll knock $50 off of your $200 price tag. And let's also assume that your insurance provider will cover a flat $100.
Between you and your insurance provider, the pharmaceutical company will make $150 off your purchase. This is way more profitable on their end than getting $0 because you decided to buy a generic.
For this reason, some prescription drug coupons will require you to have insurance coverage before you can cash in.
That's not to say that coupons can't save money for uninsured individuals. Some companies offer discounts to insured and uninsured individuals alike.
However, in 2020, 31.6 million Americans didn't have healthcare insurance. If you're planning to ride the prescription drug discount train, you'll need to read the insurance-related fine print.
2. Not All Coupon Providers Are Created Equal
Prescription drug coupons have a lot in common with regular grocery coupons. If Walmart sends you a flyer in the mail, you can't present the coupon at Trader Joe's and expect to get the same discount. At least, not without some sort of price-matching program.
With prescription drug coupons, your options may be more limited than you'd think.
For instance, some coupons will only be available within certain healthcare provider networks or at certain pharmacies. Others may be inconvenient to use because you need access to a printer before you can put it to good use.
To make things even more confusing, sometimes the problem may not even be with the coupon. There may be questions about how the pharmacy handles patient data. In a world where data breaches are becoming increasingly common, HIPPA-compliant data management is even more essential.
Here's the bottom line:
A $50 coupon may be worth going to the other pharmacy across town for. But if the closest participating pharmacy is in another state or city, it can be a lot harder to justify getting a monthly fill.
For this reason, more and more Americans are choosing to buy online drugs. The convenience factor alone makes it easier to use coupons for prescription drugs.
3. The Coupon Price Might Not Be Your Cheapest Option
That's right. It turns out that coupons won't be settling the name brand vs generics debate.
Why? Because even when the name-brand drug coupons are doing their job, the generic brand may still be a cheaper option.
Imagine the name-brand prescription is costing you $300 a month to fill. The $100 coupon you got in the mail could bring that down to $200. That annual savings of $1,200 is nothing to sneeze at.
However, if the generic costs $150 a month, nothing short of a higher coupon will make the name-brand drug more affordable.
When you've been paying out of pocket for your prescription drugs, a coupon can make you feel like you've won the lottery. But while the discount may be able to save you from the status quo, those savings don't tell the whole story. You'll want to do the math to ensure that you're getting the best deal possible.
4. You May Still Have to Shop Around
You've got your discount card in hand. And you're officially convinced that the prescription drug coupon is your ticket to prescription drug savings.
Is there anything you can do to take your savings to the next level?
It turns out that there is.
Even when pharmacies are selling the same drug, some may list their drugs at a higher price than others. What this means is that while your discount card may apply a dollar amount or a percentage-based saving, you could save even more by shopping around.
You might have to look at online pharmacies like ours, but the time you spend looking for added savings can make a real difference to your short-term and long-term finances.
5. You Can Save a Lot of Money
What would you do with an extra $1,000 in your bank account?
Some people would catch up on bills. Others would beef up their savings or start an investment account.
Although prescription drug coupons may not save you four figures all at once, the little month-to-month discounts can add up fast. And if you've been looking at your bank account and thinking, "I wish I could find another expense to cut.", you're in luck.
A well-constructed prescription drug coupon can put more money in your pocket without requiring you to disrupt or downgrade your lifestyle. That's the kind of saving that everyone can get behind.
Save Big With Prescription Drug Coupons
If you're like most people, you've probably been paying the sticker price on your prescription drugs for a while. But as it turns out, you have more control over your prescription-related expenses than you might think.
However, if you want to save money while maximizing your prescription drug coupons, not just any pharmacy will do. That's why you need us.
With us, you can buy your drugs online without having to deal with lines or supply shortages. Plus, we don't just offer prescription drug coupons — we'll ship your prescription straight to your door.