6 easy ways to save money on your prescriptions - without skipping your medication
Medication

6 easy ways to save money on your prescriptions – without skipping your medication

It’s no secret that prescription drug prices are out of control for many Americans. By 2023, nearly a third of US adults said they skipped prescribed medications because of cost. Between drug shortages and skyrocketing prices, the cost of essential medicines is causing a health problem for many people.

The good news is that, after the government came through with changes like the Price Reduction Act, chemicals are gradually accepting price transparency. In addition, there are a growing number of pharmacies and coupon companies that help lower prices. While you wait for prescription drug costs to drop from the clouds, here’s how to save money on the drugs you need.

If you don’t have insurance, a prescription drug coupon can be your best friend. In a 2021 study, drug coupons were found to reduce out-of-pocket drug costs by an average of 85%.

Prescription discount cards and coupons are very easy to find through companies like GoodRx, WellRx, RxSaver and SingleCare. Each location is different, but generally you can use it by searching for your prescription drug, entering your contact information to receive the coupon via email or text, and then presenting the coupon to the pharmacy.

Here’s what you might like about these services:

  • Coupons are free

  • You can save 80% or more on prescriptions

  • You don’t need insurance to save

  • You can search and compare prices at many local pharmacies

A search and compare tool can be very helpful in helping you stick to your budget, as the prices of some drugs can vary by 500% from one pharmacy to the next.

You can get more money if you buy medicine from a reputable online pharmacy instead of visiting an in-person location, especially if you live in a rural area where pharmacies tend to charge higher prices. .

The online Mark Cuban Cost Plus Drug Company, for example, significantly reduces drug costs by charging a minimum of 15%. Ordering prescriptions from a Cuban company can save you anywhere from 5.5% if you’re on Medicare to 28.9% if you’re uninsured, according to one study.

Other online pharmacies that may offer cash include Amazon Pharmacy and Honeybee. You can use the FDA’s BeSafeRx to find a licensed, online pharmacy in your state

Being a member of a shopping club can be another key to getting great discounts. Costco boasts that members who join the Costco Affiliate Program can save up to 80% on regular medications. A 2021 USC study found that generics — or drugs with the same ingredients as brand-name drugs — were cheaper through Costco than through Medicare as often as 50% of the time.

Try these other store or membership programs that can help you get discounts:

  • Sam’s team. Sam’s Club Plus members can get more than 600 generics for $10 or less, plus discounts on other medications and 8% off pet medications. Sam’s Club Plus costs $110 per year.

  • AARP. Anyone can get a prescription discount card from AARP online, but AARP members are eligible for additional discounts. AARP memberships start at $16 per year.

  • Walmart. Walmart’s Prescription Program offers 30-day supplies for certain medications starting at $4, including diabetes, blood pressure and mental health medications. To use the service, create an online account and send your orders to a Walmart pharmacy.

Dig deeper: 84 Best Discounts for 50+: Where to Save for Active People, Seniors and Retirees

If you don’t have insurance or can’t afford the cost of a prescription, the drug manufacturer may be able to help you with a patient assistance program. PAPs can give you a free year’s supply of brand-name (non-generic) medicines, if you qualify.

Although switching to a manufacturer may sound like a pain, 55% of PAP users say the programs are easy to use.

Check out the websites of these six major drug manufacturers to see the medications they offer, PAP eligibility requirements — often related to income and safety — and operating instructions:

Or use Medicare’s PAP search tool to look up a drug by name and find information about the manufacturer and its PAP.

Outside help may be the answer if you can’t afford your medication. Another way to get help is to look for a state or local nonprofit organization that deals with your income status or assessment.

Two places to start:

  • NeedyMeds. The national nonprofit NeedyMeds is a free, popular service that connects you with various programs and resources to make medicine affordable and offers drug discount cards.

  • Patient Access Network Foundation. The PAN Foundation provides financial assistance with prescriptions for people without health insurance, chronic and rare diseases.

Additional help may be available to you through a federal or state program. Assistance is usually available for people with low incomes, although requirements vary.

Here are a few examples of programs that can help:

  • Additional Help. The Medicare Supplemental Assistance Program is for people with full Medicaid coverage and other people who earn up to $22,590 a year. You’ll pay up to $4.50 for a generic drug and up to $11.20 for a brand name.

  • California Drug Delivery Program for Medicare Recipients. If you are a California resident, present your Medicare card at a Medi-Cal pharmacy and you will receive a Medi-Cal price for your prescription.

  • Health centers supported by HRSA. These comprehensive, local clinics are funded by the Health Resources and Services Administration and have over 15,000 discount pharmacy locations across the US.

Want to save even more on prescriptions? Ask your healthcare professional about other ways to store prescription drugs. Your doctor or pharmacist may have guidance or other resources but may not know you need help unless you ask.

Here’s what they can offer when you ask for it:

  • Some generics are cheaper than your current prescription

  • The prescription is divided into several doses to make the cost easier to cover

  • Suggestions about programs or coupons to reduce the cost of your medication

Dig deeper: Smart ways to save money – and reduce inflation

Learn more about saving money on prescription drugs when budgeting for health care costs.

Yes. Beginning in 2025, the Affordable Care Act requires Medicare Part D plans to give beneficiaries the option to pay for prescription drugs out of pocket in monthly installments, rather than a single payment. It also limits out-of-pocket expenses to $2,000 per year.

Yes, but only for qualified medical expenses that total more than 7.5% of the adjusted gross income – the IRS limit for medical deductions. If you can meet the limit, then medical and dental expenses – including the cost of medicines and prescription drugs – are tax-deductible. Learn about other tax breaks for people 50 and older.

If you are under 65 and cannot get an employer health insurance plan, you have several options for health coverage, including COBRA , the ACA marketplace and interim policies. Get started with our guide to early retirement options – including the costs you can expect to pay.

Yes, it is illegal to order or import drugs from other countries, including Canada and Mexico. However, the US Food and Drug Administration announces its exemption for what it calls “importation of drugs or drug products.”

What is CVS CostVantage – and can it help me save money on prescriptions?

CVS CostVantage may not result in lower costs for consumers, unfortunately. CVS introduced CostVantage in 2025 as a new pricing model that emphasizes “transparency and simplicity” between CVS pharmacies and insurers and employer benefits administrators. Negotiated costs and benefits will not be disclosed, and it is up to insurers and employers how much they will pass on to you.

  • Public Attitudes About Illicit Drugs and Their Prices, KFF. Accessed August 1, 2024.

  • FTC releases Report on Temporary Workers on Drug Middlemen, Federal Trade Commission. Accessed August 1, 2024.

  • Bipartisan Congressional Support for PBM Reform Grows, Commonwealth Fund. Accessed August 1, 2024.

  • Prescription Drugs – How to Save Money, Michigan Consumer Protection. Accessed August 1, 2024.

  • Our project, Mark Cuban Cost Plus Company. Accessed August 1, 2024.

  • USC Research Shows Costco Beats Medicare in Generic Drug Savings About 50% of the Time, USC Schaffer. Accessed August 1, 2024.

  • Survey: Who Uses Patient Assistance Programs? Rx Health. Accessed August 1, 2024.

Sarah Brady is a financial writer and educator who covers a wide range of topics, from personal and small business debt and debt to financial fraud. His expertise has appeared in Yahoo Finance, Forbes Advisor, CNN, Fortune, Investopedia and other top media brands. As an NFCC certified credit counselor, Sarah has taught seminars on money management and coached thousands of clients on how to improve their credit. He is also a former HUD-certified housing consultant and educator for the City of San Francisco’s affordable housing programs.

Edited article by Kelly Susan Wagoner

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