It’s no secret that prescription drug prices are out of reach for many Americans. In 2023, Nearly one-third of U.S. adults They said they did not take the medicines they were prescribed because of the cost. Drug shortages and astronomical price increases have made the cost of essential medicines a health crisis for many.
The good news is that, under pressure from the federal government, Reforms like the Inflation Control ActPharmacies are slowly becoming more price transparent, and more online pharmacies and coupon companies are helping to lower prices. While you wait for prescription drug costs to drop, here are some ways to save money on the medications you need.
1. Use coupon programs
If you don’t have insurance, prescription drug coupons may be your go-to: A 2021 study found that drug coupons reduce out-of-pocket costs for prescription drugs. Average 85%.
Prescription discount cards and coupons are easily available through companies such as: Good Rx, Well Rx, Recipe Saver and Single CareHow the site works varies, but generally, you search for your prescription medication, enter your contact information to receive a coupon via email or text, and then present the coupon at the pharmacy to redeem it.
The benefits of these services include:
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The coupon is free
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Save over 80% on prescription costs
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You don’t need insurance for your savings
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Search and compare prices from multiple local pharmacies
The search and compare tool is especially useful for shopping within a budget, as drug prices vary by region. Up to 500% From pharmacy to pharmacy.
2. Order from an online pharmacy
Ordering your medication from a reputable online pharmacy instead of going to the pharmacy in person could result in significant savings, especially if you live in a rural area where pharmacy prices tend to be higher.
For example, the online Mark Cuban Cost Plus Drug Company: Minimum 15% markupOrdering prescriptions through Cuban’s company would save 5.5 percent if you have Medicare and 28.9 percent if you’re uninsured. A study.
Other online pharmacies where you may be able to save money include: Amazon Pharmacy and HoneybeesUsing FDA’s BeSafeRx Find a Licensed Online Pharmacy In your state
3. Use wholesale clubs and membership programs
Wholesale club membership may be another key to finding great discounts. Costco offers wholesale club members Costco Membership Prescription Program Save up to 80% on popular drugs: A 2021 USC study found that generic drugs — drugs with the same active ingredients as brand-name drugs — are cheaper to buy at Costco than through Medicare. 50% of the time.
Try these other retail or membership programs that can help you get discounts:
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Sam’s Club. Sam’s Club Plus Members can purchase more than 600 generic drugs for $10 or less, plus get discounts on other drugs and an 8% discount on pet medications. Sam’s Club Plus costs $110 per year.
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AARP. Anyone Free Prescription Discount Card It can be purchased online, but AARP members can receive additional discounts. AARP membership rates start at $16 per year.
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Walmart. Walmart Prescription Program It offers 30-day supplies of certain medications, including diabetes, blood pressure and mental health medications, starting at $4. To use the service, you set up an online account and have your prescriptions sent to a Walmart pharmacy.
Learn more: 84 Best Discounts for Over 50: Where Active Seniors, Seniors, and Retirees Can Save Money
4. Research Patient Assistance Programs (PAPs)
If you don’t have insurance or can’t afford the cost of prescription drugs, drug companies may be able to help you through their Patient Assistance Programs. If you qualify, a PAP can give you brand-name (non-generic) medicines for free for one year.
Going through the manufacturer may seem like a hassle, but 55% of PAP users The program is said to be easy to use.
Check out the websites of the six major pharmaceutical companies below to see what medications they offer, the PAP eligibility requirements (usually related to income and coverage), and the application process.
or Medicare PAP Search Tool Search the name of the medication and find information about the manufacturer and PAP.
5. Reach out to nonprofits
If you can’t afford your medication, outside help may be the solution. One way to find help is to look for national or local nonprofit organizations that work with you based on your income situation and diagnosis.
There are two places to start:
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Needymed. National non-profit organization NeedyMeds is a free, trusted service that connects you to various programs and resources to help you afford your medications and provides drug discount cards.
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Patient Access Network Foundation. of PAN Foundation It provides financial assistance for prescriptions to underinsured people with life-threatening chronic or rare diseases.
6. Check out government programs
Additional assistance may be available through federal or state programs. People with limited incomes can often qualify for assistance, but requirements vary.
Here are some examples of programs that may be useful:
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Additional Help. Medicare Program Extra Help It applies to people who receive full Medicaid coverage and individuals who earn less than $22,590 a year. They’ll pay up to $4.50 for generic drugs and $11.20 for brand-name drugs.
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California’s Prescription Drug Discount Program for Medicare Beneficiaries. If you are a California resident, present your Medicare card to a Medicare provider pharmacy and Prescription medical prices.
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HRSA-Funded Health CentersThese comprehensive community clinics are funded by the Health Resources and Services Administration and have pharmacies where prescriptions can be filled at a discount. 15,000 locations across the US.
Other ways to save money
Want to save even more on prescription drug costs? Ask your health care professional about other ways to save on prescription drug costs. Your doctor or pharmacist may have additional advice or resources, but they may not realize you need help unless you ask.
Here’s what we may be able to provide upon request:
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Generic drugs that are more affordable than currently prescribed medications
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Dividing prescriptions into multiple doses to make costs easier to cover
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Recommending programs and coupons to reduce drug costs
Learn more: Clever ways to save money and ease the pain of inflation
FAQ: Prescriptions, budgets, and saving at the pharmacy
Learn more about how to save money on prescription drugs when budgeting for medical expenses.
Can Medicare prescription payment plans help me pay for my prescriptions?
Yes. From 2025, Inflation Control Law It requires Medicare Part D plans to offer beneficiaries the option to pay for prescription drugs in monthly installments rather than a lump sum, and it caps out-of-pocket expenses at $2,000 per year.
Can I deduct the cost of prescription drugs from my taxes?
Yes, but only for qualified medical expenses that exceed 7.5% of your adjusted gross income. IRS Medical Deduction StandardsIf you meet the thresholds, you can qualify for a tax deduction for medical and dental expenses, including the cost of medicines and medications prescribed by a doctor. Find out about other tax deductions for people over 50.
I am retiring early. What are my health insurance options before Medicare?
If you’re under 65 and can’t qualify for an employer-funded health insurance plan, you have several options for health insurance, including COBRA, the ACA Marketplace, and short-term insurance. Start with our guide to options for early retirees, which also includes expected payment costs.
Is it illegal to order prescription drugs from another country?
Yes, it is technically illegal to order or import prescription drugs into the United States from other countries, including Canada and Mexico. However, U.S. Food and Drug Administration Announces Waiver This is called “personal import of pharmaceutical or medical device products.”
What is CVS CostVantage and can it help me save money on prescriptions?
CVS Cost Vantage May not lead to cost savings Unfortunately for consumers, that’s not the case. CVS launched a new pricing model in 2025 called CostVantage, which emphasizes “transparency and simplicity” between CVS Pharmacy and insurers and employer benefit managers. Negotiated increases and fees will not be made public, and it’s up to insurers and employers to pass on how much of the savings they save to you.
source
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Public Opinion on Prescription Drugs and Their PricesKFF. Accessed August 1, 2024.
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FTC Releases Interim Staff Report on Prescription Drug BrokersFederal Trade Commission. Accessed August 1, 2024.
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Bipartisan Congressional Support for PBM Reform ExpandsCommonwealth Fund. Accessed August 1, 2024.
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Prescription Drugs – How to Safely Save MoneyMichigan Department of Consumer Protection. Accessed August 1, 2024.
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Our MissionMark Cuban, Cost Plus Company. Accessed August 1, 2024.
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USC study finds Costco beats Medicare by nearly 50% in generic drug savingsUSC Schaffer. Accessed August 1, 2024.
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Survey: Who uses patient assistance programs? GoodRx Health. Accessed August 1, 2024.
About the Author
Sarah Brady is a financial writer and educator who covers a wide range of topics from personal and small business credit and loans to financial fraud. Her expertise has been featured in top media brands such as Yahoo Finance, Forbes Advisor, CNN, Fortune, and Investopedia. As an NFCC-certified credit counselor, Sarah has led money management workshops and coached thousands of clients on how to improve their credit. She is also a former HUD-certified housing counselor and educator for the City of San Francisco’s Affordable Home Buying Program.
Article Editor Kelly Susan Waggoner
