Slash Your Rx Costs: 8 Ways to Save Big on Meds

The skyrocketing costs of prescription drugs have become a pressing concern for millions. Consider this:

• Between January 2022 and January 2023, over 4,200 drugs saw price hikes
• The average increase was a staggering 15.2%
• This translates to roughly $590 more per drug

These numbers paint a grim picture, but don't lose hope. Despite the rising tide of prescription costs, there are numerous strategies to keep your healthcare affordable. In this guide, we'll explore tactics to significantly reduce your medication expenses without compromising your health.

Ready to take control of your prescription drug costs? Let's dive into our top money-saving tips that can make a real difference to your wallet and well-being. 

8 Ways To Save on Prescription Costs 

It’s a common misconception that drug price increases are inevitably tied to improvements in drug quality or that consumers are powerless against these hikes. The reality is that price increases are often profit-driven decisions that more often than not don’t have anything to do with drug quality. 

The good news? There are multiple effective ways to lower your drug costs without sacrificing the quality of your medication.

• 1. Generic drugs: While brand-name drugs might have name recognition, generic versions have the same active ingredients, dosage, strength, and way it’s administered — at a fraction of the cost. 
• 2. Biosimilars: Biosimilars are highly similar to their reference or brand-name biological medications in terms of safety and effectiveness, but unlike traditional generic drugs, they may have slight variations in their molecular structure due to the complexity of biological products. Despite these minor differences, biosimilars undergo rigorous testing to ensure they provide the same clinical benefits as their reference products, offering patients a safe and equally effective treatment option typically at a lower cost than brand-name biologics.
• 3. Your formulary: Getting familiar with your plan’s formulary (a.k.a prescription drug list) will give you insights into drug tiers and if a medication has any other management criteria, such as a prior authorization (PA). Understanding what medications may or may not be covered in the formulary and what lower-cost alternatives are covered can be helpful to reduce cost. 
• 4. Discount cards: Many patients have started turning to discount cards to lower prices. SmithRx makes this process even easier by removing the need to pre-shop for the best price or print coupons. Instead, you’ll automatically get the best deals at the point of sale.
• 5. Manufacturer coupons: These are incentives offered by drug manufacturers to reduce the costs of brand-name medications. With SmithRx you can simply call us and we’ll see if your medication is eligible for a coupon. We’ll work with the pharmacy to ensure they process it correctly and that you get a low or $0 copay, saving you the trouble of making sure the coupons are applied on your end. 
• 6. Supply: If you need to take medication over a longer period of time, you can request a larger supply or greater quantity from your doctor or provider. Be sure to check with your doctor and insurance provider to ensure you can order a greater supply of medication. 
• 7. Mail order: Ordering your medication through mail-order pharmacy may help you lower your copay and get you a greater supply of medication, which in turn will save you money over time. 
• 8. Find My Meds: This is a tool that SmithRx members have access to in their member portal. With Find My Meds, members can search for a medication by city or zip code and see cost estimates based on their benefits. This allows members to easily explore their options in their vicinity and potentially find lower-cost options. 

How SmithRx Simplifies the Way Our Members Save Money 

At SmithRx, we’re all about saving you money on your medications. Through Connect 360, we connect you to a wide range of innovative programs designed to get you the lowest possible drug prices with minimal or no co-pay. The entire process is also seamless, resulting in a stress-free experience when securing your medications. 

Ready to get started? Log in to the SmithRx Member Portal to find the lowest cost for your prescriptions.