If you're a parent, chances are you've visited the pharmacy counter at least once in the past month to pick up prescription medications for you or your family. Prescription drugs have long been a major expense for many households, and this has become even more prevalent in recent years.
According to an analysis by the ASPE, over 4,200 drug products increased in price from January 2022 to January 2023 alone, with an average increase of 15.2%. Shockingly, certain prescriptions were subject to price hikes exceeding 3,000%. For parents whose children rely on prescription medication to manage an illness or a chronic condition, rising costs can put a significant strain on the household budget.
Fortunately, as Matthew Herfield, Co-Founder and CEO of BuzzRx, explains, there are several ways parents can keep their families healthy without breaking the bank at the pharmacy.
1. Use Generic Alternatives
One of Herfield's first recommendations is to use generic alternatives versus brand-name prescriptions whenever possible. "Generic drugs typically use the same active ingredients as brand-name drugs, but they can be up to 85% cheaper," he explains.
"When your doctor writes a prescription for you or your family member, be sure to ask if there is a generic alternative you can use instead. This is especially useful if you don't have insurance coverage or your insurance doesn't fully cover prescription medication costs."
Parents should communicate openly with their family's doctors about how best to manage prescription medication costs.
2. Use Prescription Discount Cards
In addition to using generic alternatives, Herfield is a big proponent of prescription discount cards. "Prescription discount cards, like BuzzRx, can be used for both brand-name and generic medications, with savings as high as 95% off generics and typically 10 to 15% off brand-name drugs," he says.
"Prescription discount cards can be used even if you have insurance. You might even find that the discounted price is less than your insurance policy's prescription drug copay. Whichever option is cheaper, our platform allows users to immediately compare prices at local pharmacies so you can find the best savings. There are no qualification requirements, so anyone can take advantage of these discounts."
To receive a card in the mail, you can fill out a form online or simply download a free app for a digital card. The cards are accepted at tens of thousands of pharmacies nationwide, including major chains like CVS and Walgreens.
3. Join a Prescription Savings Program
Some retailers offer prescription savings programs that provide discounted prices on generic medications. For example, Walmart offers a variety of generic drugs available in 30-day supplies starting at $4 or 90-day supplies starting at $10. Amazon also offers its own prescription discount program for Prime members, whereas Walgreens has a Prescription Savings Club that costs $20 for individuals or $35 for families per year.
However, it's worth noting that many retailers typically don't cover as many drugs as prescription discount cards, and some (including Kroger and Walgreens) are even planning to end their savings benefits programs in the near future.
4. Look into Patient Assistance Programs and Copay Coupons
Outside of third-party discount programs, Herfield notes that many drug manufacturers also have resources that can help parents lower their families' prescription medication costs.
"Many drug manufacturers offer copay coupons or patient assistance programs that can help cover the cost of your copays or allow you to get medication at a discounted price—sometimes even free," he says. "This can be especially valuable if you or a family member needs to take a specific medication and a generic alternative isn't available. However, it's important to be aware that these programs typically have income requirements and extensive paperwork."
Though not as readily accessible to families as other discounting options, it certainly doesn't hurt to look into what programs are potentially available to help you afford your medications.
5. Ask About Larger Quantities
"Many prescriptions are available at lower per-dosage prices if you can fill a prescription in a larger quantity," Herfield notes. "For example, many drug manufacturers charge less for a 90-day supply than they would for three separate 30-day supplies. In addition, placing a single order for a larger quantity of medication means reduced worry about your prescription copay and bringing your kids to the pharmacy."
Talk to your doctor about getting a larger quantity prescribed to you or a family member for any ongoing prescriptions. While the availability of larger prescription quantities can vary depending on the type of medication needed and availability at your local pharmacies, it certainly doesn't hurt to ask.
Make Prescription Costs Manageable
As these insights reveal, there are a variety of strategies parents can use to lower the costs of their family's prescription medications. Best of all, most of them only require a little bit of your time to start saving. By researching options and comparing the costs, you can start saving money while keeping your family healthy.
