I recently had some readers reach out to me and ask about prescription medications. As they were creating a budget and looking for ways to manage monthly expenses, they realized the amount they were spending at the pharmacy was several hundred a month! And they felt under pressure to use their credit cards in order to get by because there simply wasn’t enough cash on hand. So they wanted real answers about how to save on prescription medication.
A recent article indicated the average American spent an average of $1200 a year on prescription drugs, and those with a serious illness, like cancer, spent over $10,000! I know my son’s friend has an EpiPen and they are over $600 for a two-pack. With many Americans underemployed or unemployed, what are they supposed to do when it comes to their medications?
I have a thyroid condition so I need to take a medicine called Synthroid every month, when I had traditional health care coverage I was paying $35.00 per month for this one medication and another $10.00 for another medication I am on. Since I don’t have coverage to help cover medications anymore, I have been paying almost $120.00 per month out-of-pocket for my medications. Before canceling my insurance, I called around to all of the local pharmacies and compared prices. I found the stores that had the lowest prices, and I was still paying that much!
Last month I found out from a friend about this website called GoodRx.com. After entering in my information I found out that I could get the same exact medications through Good Rx for only $41.00 out of pocket. That is a savings of almost $80.00 per month, which is HUGE for me!
It is super simple to use, just go to GoodRx.com and type in your prescription and zip code.
You will then see where you can find your prescriptions in your area, along with the prices. I found out that I could get my prescription for $34.74 at Walmart, which was LESS money than what I was paying under my traditional health insurance!
You have to print off the coupon they provide and bring it with you to the pharmacy, or you can also request a GoodRx card to put in your wallet which will work the same way as the coupon does. You then re-use this coupon every month for the same savings!
Reader Cathy shared this with me after I gave her this tip:
“OMG! I’m blown away with what you’ve shared with me! Goodrx.com says Walgreens sells my Rx for $78!! I’ve been paying $240 with my Bronze HDHP!! (which costs $830 mo).
It’s hard to quantify which is the “best” prescription drug discount card, because each has unique benefits. You have to decide which is most important to you. Some of the more popular cards available now are
There are many more prescription drug discount cards popping up on the internet each day, so I may have missed some here. Most seem to work the same way and offer many of the same benefits.
I have also known readers to have more than one discount card and they “shop around” for the best price since it’s different with each carrier.
I pride myself on being pretty savvy with the information I share with my readers. I couldn’t find anything unsavory about using GoodRx as a way of how to save on prescription medication. They make their money through advertising and referral fees, and that’s how they are able to pass on savings to you as the consumer.