|September 2023||Maximixe your HSA e-Newsletter||Vol. 19, Issue 9|
Insider Secrets Revealed: Find The Best Available Prices for Your Prescription Drugs!
Navigating the world of prescription drug pricing without insurance can seem like an overwhelming challenge.
This can also be an issue for health sharing plan members, as well as those who have health insurance with high deductibles or who have a plan that doesn’t include prescription drug benefits.
Fortunately, we have the inside scoop: We asked industry insiders who handle drug purchasing for major health sharing networks for their best cost reduction tips -: The things they do every day to get the best possible drug pricing for their own plan members.
When discussing your medications with a doctor, ask about generic alternatives. Generic drugs are chemically identical to their brand-name counterparts but come at a fraction of the cost.
Not all medications have a generic version, but it’s always worth asking.
Shop around. A lot.
The pros don’t just check two or three different sources for prescription drugs. They routinely check between 9 and 15 different sources for every customer!
See, the industry insiders know from experience that pricing changes on a daily basis, just from normal supply chain and inventory issues, and pricing can be highly variable from one program to another.
Here are some of the top sites that professional purchasers at top health plans check nearly every day for each drug they order on behalf of their plan members:
- HSA AdvantageRx. This innovative discount program saves up to 80% on drug prices and also provides discounts on labs, imaging services, and other providers. Membership is free for all HSAForAmerica members! Just download your card at the link, and present whenever you buy drugs or other health services.
- GoodRX. Compare prescription drug prices and find coupons at more than 60,000 US pharmacies with this well-known discount card. Download the app to your smartphone and you can even check prices while you’re standing at the pharmacy counter!
- RxGo. A free prescription discount card allowing savings on expensive medications.
- WebRxMD. Find massive discounts and locate the nearest pharmacy for convenient pickups.
- ScriptSaveWellRx. Search, compare, and save up to 80% on drug prices with handy coupons.www.WellRx.com.
- SingleCare. A free card to pocket huge savings on medications.
- RXSaver. Another go-to for finding the best prices on prescription drugs and useful coupons.
- BuzzRx. With their free prescription discount card, you can enjoy up to 80% off the retail price of your meds.
- The Mark Cuban Cost-Plus Drug Company. Embracing a transparent pricing model, they offer significant savings on hundreds of the most commonly-prescribed generic drugs.
- MyFreePharmacy. A low-cost subscription model that provides hundreds of the most commonly-prescribed generic prescription drugs free. You just pay a low monthly subscription of $29.95. A great option for households with people who take multiple generic drugs.
- USA Rx. This site offers a pharmacy discount card that can provide substantial savings.
- PharmacyChecker. Helps you compare drug prices among reputable online pharmacies.
Ask Your Doctor for Samples
Pharmacy reps come by doctor’s offices all the time looking to boost sales. They often bring a few samples of medications that doctors can have patients try out, in the expectation that some of these patients will become regular users.
Sometimes your doctor will have a short-term supply of a suitable medication on hand, taking up valuable storage space in his or her office.
Just check the expiration date before using it.
Order 90-day+ refills
The bigger the order, the cheaper your prescriptions get, on a per-dose basis.
A lot of prescription drug costs is wrapped up in fulfillment: Paying people to physically count out the pills, print out the label, glue it to the bottle, twist the cap on, print out your envelope label, put the label on your envelope, buy postage for the envelope, and put it in the mail.
When you order a 90-day supply rather than a 30 day supply, you cut those costs by two-thirds.
That adds up.
Ask your doctor to prescribe your maintenance medications as far into the future as reasonably possible. But not so far ahead that your medications expire before you take them.
Use Mail-Order Pharmacies
It’s expensive to run a brick and mortar store. Mail-order pharmacies can typically save significant money compared to your corner Big Box pharmacy.
Plus, they’re convenient, deliver straight to your doorstep, and can supply in bulk, ensuring you don’t run out of your essentials.
Worried that you won’t be able to speak with a pharmacist about your medications? No worries! Mail order pharmacies typically have a free 1-800 number you can call to speak with a board-certified pharmacist. Some lines are 24/7.
Worried about an emergency prescription that you need right away? Also not a problem. Most of these plans have emergency pick-up arrangements with local pharmacies. So you can pick up a small supply of emergency meds you need right away while you wait for your mail order delivery to arrive.
Buying From Foreign Suppliers
Americans are allowed to personally import up to a 90 day supply of medications from foreign pharmacies.
You may find significant savings by purchasing from non-U.S. sources – especially for brand-name drugs.
However, be aware that non-U.S. makers and pharmacies aren’t regulated by the FDA, and there is no U.S. quality control or enforcement to protect consumers. There are also a lot of sketchy online sources offshore who sell expired, contaminated, or counterfeit medications.
PharmacyChecker.com listed above, does due diligence on foreign manufacturers in a handful of countries with strong pharmaceutical industry regulation and quality control standards, including Canada, Western Europe, Australia, New Zealand, and Turkey, and helps Americans research prices.
Just know the risks, and research your supplier before taking any of their products.
Join a Healthsharing Plan
There is power in numbers. The top health sharing plans have hundreds of thousands of members.
Which means these plans have tremendous purchasing power and they can negotiate very favorable pricing. Pharmacies and manufacturers actively compete for their business.
Health sharing plans are not insurance. And their direct prescription drug benefits are more limited than they are for more expensive traditional health insurance plans without a subsidy.
But they are excellent at negotiating discounts with suppliers and passing them on to plan members – especially with generic drug manufacturers, who must compete for business.
For the best possible savings, take advantage of your healthsharing plan’s concierge service. These are experienced health care purchasing experts who know the market very well, and who can help you get the best possible value for every dollar you and your family spends on health care.
Take Control of Your Health Costs!
If you’re in good health and not on the receiving end of an Obamacare subsidy, it’s worth pondering over a healthsharing plan. By actively seeking the best drug prices, we can force manufacturers and pharmacies to compete.
The more Americans adopt a comparison shopping approach, the more efficient our healthcare system will become.
How You Can Help
We’re on a mission to change the way healthcare is delivered in this country for the better.
But we need your help.
Know anyone who takes prescription drugs and is tired of the crazy high costs? Forward this newsletter to them.
Show them how switching to health sharing can save up to 50% compared to traditional Obamacare premiums for people who got left out of the Obamacare subsidy scheme.
Show them how health savings accounts can help them take more direct, personal control over their healthcare experience, while saving them thousands of dollars a year in health insurance premiums and taxes.
Remember: Knowledge is power. Stay informed, and together, we can ensure premium care without the exorbitant price tags!
Any questions? Contact your Personal Benefits Advisor, directly!
Click here to schedule an appointment, or call 800-913-0172 to get started.
To your health and wealth,
Wiley P. Long, III
President - HSA for America
The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.
Disclaimer: All information on this website is relayed to the best of the Company's ability, but does not guarantee accuracy. Information may be out of date. The content provided on this site is intended for informational purposes only and does not guarantee price or coverage. This site is not intended as, and does not constitute, accounting, legal, tax, and/or other professional advice. Determination of actual price is subject to Carriers.