- A new study found that pharmacy discount cards can often save you money.
- These findings are based on 20 common generic drugs and two pharmacy discount card programs.
- Discount card programs work by negotiating discounts with pharmacies and pharmaceutical companies.
- Experts say this could lead to savings of up to 85% from regular drug prices.
- Accessing the program is as easy as visiting the company’s website and downloading the card.
According to a newly published book, report in the Annals of Internal Medicine, Insurance out-of-pocket (OOP) payments are often higher than what you would pay if you used a pharmacy discount card program.
The findings of this study were applied to two drug discount programs, Amazon Prime and GoodRx Gold.
The research team looked at 20 commonly prescribed generic drugs, including common classes of drugs such as antidepressants, high blood pressure drugs, and statins.
To reach their conclusions, the scientists used data from the 2020 Medical Expenditure Panel Study (MEPS). meps It is a large, nationally-represented survey of patients, providers, and employers across the United States, and includes data on medical and health insurance costs and utilization.
OOP payments in MEPS matched pricing through Amazon Prime and GoodRx Gold.
Drugs studied include:
blood pressure medicine
antidepressants
cholesterol-lowering drugs
drugs that lower stomach acid
asthma and allergy medicine
thyroid hormone
medicine for diabetes
Prescriptions where the OOP payment was higher than the discount card price were recorded to determine the percentage and range of excess OOP payments.
They also considered these measures by considering the type of insurance and whether patients are likely to enter the deductible stage.
Researchers found that people’s OOP payments beat Amazon prices in 20% of prescriptions they looked at, and beat GoodRx prices in 43% of prescriptions.
Furthermore, assuming prescriptions were in the deductible stage, people’s OOP payments were 40% higher than Amazon prices, whereas GoodRx’s OOP payments were 79% higher under this condition. Ta.
This suggests a low rate of OOP overpayments when insurance companies cover some or all of the costs, the authors say. Therefore, while discount cards can help reduce drug costs, this is not always the case.
The authors noted that these savings apply specifically to those who are uninsured or who do not have adequate insurance. In addition, people with expensive deductible medical plans may also benefit.
The total OOP cost savings from these two pharmacy discount card programs is estimated to be approximately $969 million and $1.83 billion, respectively, mostly on prescriptions within 90 days.
Pauline K. Gray, Certified Pharmacy Technician, said: PharmacyTechnicianBlog.comThe pharmacy discount card program offers discounts on prescription drugs at participating pharmacies, making healthcare more affordable for consumers.
“The pharmacy discount card program works by negotiating discounted prices with pharmacies and pharmaceutical companies,” she said. “Cardholders can present their discount card at a participating pharmacy to receive a discounted price on prescription drugs. The pharmacy then bills the program sponsor for the discounted amount.”
Mr. Gray explained that the savings provided by the pharmacy discount card program can vary by drug, pharmacy, and program. However, on average he could save 10% to 85% of prescription drug costs.
He also pointed out that generic drugs offer significant savings over branded drugs.
Dr. Saya Nagori, ophthalmologist and president eye factssaid that patients were “overjoyed” to save money on these programs, and that these programs allowed people “with or without health insurance to reap significant benefits with little effort.” said to be able to enjoy
However, he warns that some medicines may not be covered by insurance. In addition, discount coverage may be based on certain specifications, such as prescribed dose or volume.
“Nevertheless, I tell my patients that it’s definitely worth asking at the counter if there are any cost savings, because you never know when these discount programs will pay off, especially when it comes to personal healthcare costs. It is so when it cancels out the whole.”
“Access to pharmacy discount card programs is usually straightforward,” says Gray. “Many programs offer cards that are free to the public,” she noted, adding that cards can be obtained online from the program’s website, through health care providers, or from the pharmacy itself. And once you have your card, you can start using it right away.
“It’s important for individuals to compare different programs to find the one that offers the best discount for their particular drug or local pharmacy,” Gray added.
However, there are several programs you can choose from.
“Organizations that offer pharmacy discount programs include GoodRx, Optum BenefitsScriptSave, WellRx, Blink Health,” said Nagori.
Gray added SingleCare, Needymeds, FamilyWize, and RxSaver to his list.
“Simply mention these company names at the time of purchase and the pharmacist will actually check if there are any discounts that can be applied,” Nagori advised.
Several pharmacy discount programs exist, and new research shows that in many cases these programs can save money compared to out-of-pocket payments by insurance companies.
You are more likely to save money, especially if your insurance is inadequate or the deductible you have to meet is high.
Experts say these programs can save people 10% to 85% on prescription drug costs.
It’s easy to know if these programs can save you money. Please ask your pharmacist. If your pharmacy participates in a money-saving program, you can often download the card and start using it right away.
Disclosure: Healthline Media and Optum Perks are both part of RVO Health.
