We know that the cost of just about everything is on the rise. The shocking news is that prescription drug costs are increasing at more than double the inflation rate.
There’s no denying it—the skyrocketing cost of some prescription drugs is enough to give you a heart attack. If medication drug costs have gotten you down, cheer up! Then check out these ways, updated for 2022, that you can save a lot of money on prescription medications—plus where to get some medicines (antibiotics!) for free.
1. Cost Plus Drug Company
In Jan. 2022, billionaire Mark Cuban founded Cost Plus Drugs Company, a registered pharmaceutical wholesaler that purchases drugs directly from manufacturers, bypassing middlemen to lower the price of more than 100 medications (adding more every month).
For example, the leukemia drug Imatinib is priced at $47 a month on MCCPDC compared to the $9,657 retail price. Atorvastatin (Lipitor) 10mg, 30 count just $3.60 while retail at other pharmacies is $55.20.
Why is Cuban doing this? Because he believes that every American should have access to safe, affordable medicines. If you don’t have insurance or have a high deductible plan, you know that even the most basic medications can cost a fortune. Many people are spending crazy amounts of money each month just to stay healthy. No American should have to suffer or worse because they can’t afford basic prescription medications. Read more.
How does Mark Cuban Cost Plus Drug work?
- Find your medication in the online store by searching, browsing alphabetically, or by medical condition.
- Once you’ve found your medication, sign up for an account.
- Reach out to your doctor or provider with provided instructions to receive your prescriptions.
- Once Cost Plus receives a prescription from your doctor, you’ll be notified to checkout.
- Your medications will be delivered straight to your door in just a few days.
What a fantastic resource. GoodRX is a website with no sign-up or credit card required. You can easily access the site on your computer or download the mobile app for IOS and Android.
First, set your location using your address and or zip code. Next, type in the drug name in the space provided. You can easily compare prices at different nearby pharmacies and get coupons to cut the cost even further.
It sounds like a hoax, I know, but it’s not. This is one of the best reliable resources on the Internet. Drug prices vary wildly between pharmacies, and GoodRX finds you the lowest prices plus discounts on top of the published price.
Click “Get Free Coupon,” print it, then hand it to your pharmacist.
Here’s an example in the Los Angeles area, as I update this information, for 90 capsules of 300mg Gabapentin (generic Neurontin) with the average price of $137.42: Costco $7.09; Ralph’s $9.29; Walgreens $10.21; Walmart $10.11; Target (CVS) $13.33. Within just a few miles the price for that particular medication is all over the place! GoodRx.com makes sure you find the lowest price available.
Lipitor (generic atorvastatin) 30 tablets of 40mg . The lowest GoodRx price for the most common version of generic Lipitor is around $9.38, 87% off the average retail price of $75.
Tamiflu (oseltamivir) 10 capsules of 75mg (one dose pack). The lowest GoodRx price for the most common version of generic Tamiflu is around $20.10, 75% off the average retail price of $95.74.
Give GoodRX a spin and see if I’m not right about this!
A note about Medicare
Medicare is supposed to make your prescription drugs affordable. But, as many seniors know, some drugs are expensive, and some aren’t covered. And, of course, there’s the infamous donut hole.
GoodRx makes it easy to compare your Medicare co-pays against GoodRx coupon prices to see which can save you more. Keep in mind that you cannot use GoodRx and Medicare simultaneously. However, you can use GoodRx instead of government-funded programs like Medicare or Medicaid to pay for your prescription medications.
Another site you might want to check if you can’t afford your medications: NeedyMeds.org. The site lists programs that help people reduce their healthcare costs, including patient assistance programs and co-pay cards offered by drug companies. Coupons and rebates, too. The NeedyMeds Drug Discount Card may save you up to 80% off the cash price of your prescriptions, OTC medications, and pet prescriptions purchased from a pharmacy.
4. Extra Help
Extra Help is a program for Medicare beneficiaries who qualify for extra help paying for their monthly premiums, annual deductibles, and co-payments related to Medicare Part D (prescription drug coverage). Extra Help is worth about $5,000 per year for those who qualify. To qualify for Extra Help, you must be receiving Medicare, have limited resources and income, and reside in one of the 50 States or the District of Columbia. Find out if you qualify.
5. The Doc Talk
Usually, doctors don’t keep up with the retail price of medications they prescribe—they’re thinking about successful treatment, not dollar signs.
A pharmacy tech told me recently that she recommends patients call their doctor for a cheaper option once she shows them what the medication prescribed will cost. Don’t be afraid to make that call. More than likely, a less expensive option will be just as effective.
A pill splitter just might save you 50% on the cost of your medication. Because of a quirk in how some drugs are priced, a tablet that’s twice as strong as another may not be twice the price. It might be about the same price. So, cutting a higher strength pill in half can get you two doses for about the price of one.
With a little manual labor—just snapping down the lid of a pill cutter—splitting a pill can save quite a lot of money. Talk to your doctor first! Not all prescription pills are splittable, but the one you take just might be.
According to WebMD, some pills commonly split include statins like Crestor, Lipitor, and Pravachol; antidepressants like Celexa, Paxil, and Zoloft; ACE-Inhibitors like Monopril, Prinivil, Univasc, and Zestril; and angiotensin receptor blockers like Avapro and Cozaar. U.S. Food and Drug Administration (FDA) offers additional information here: Best Practices for Tablet Splitting.
7. Assistance programs
From time to time, government programs, non-profits, and drug manufacturers offer deeply discounted or even no-cost medicines. To find out the latest information on what is available, I highly recommend the Partnership for Prescription Assistance website. Once there, simply enter the name of the medication or the manufacturer, then click “Get Help Now” to discover if there are currently programs and assistance with the cost of that medication.
8. Free or $4.00 prescriptions
Getting sick is terrible, but here’s some news to help your bank account feel better. Some chain pharmacies across the country offer their customers free or extremely cheap antibiotics even without insurance. Just be clear: You will need a valid prescription to get free antibiotics.
Many discount store chains like Walmart, Publix, Target, Meijer, and Costco offer discounted generic medicines for $4 to $10. Some medicines, like antibiotics or prenatal vitamins, are offered free at some of these stores.
Check out these six pharmacies that offer free antibiotics (with a doctor’s prescription).
Costco’s Member Prescription Assistance Program is available for members only and is fantastic—well worth the membership price if you do not already have prescription drug insurance coverage.
NOTE: Some state laws require discount warehouse clubs like Costco and Sam’s Club to allow non-members to use the pharmacy, but the assistance program that reduces the prices even further is for members only. A quick call to the club’s pharmacy will let you know if its services in your state require membership.
Frequently asked questions
What is the average cost of a prescription drug?
In 2017, the average cost of therapy for a brand name prescription drug, based on the market basket in this study, was almost $6,800 per year. On average, older Americans take 4.5 prescription drugs every month. (Source: AARP)
Who decides the cost of prescription drugs?
When a drug finally makes it to market, drug manufacturers set the drug's list price based on several factors. However, this is not the price you pay. Your employer, insurance company and their pharmacy benefit manager (PBM) all play an important role in the final cost of your prescriptions. Source: cobioscience.com
How much are prescriptions at Walmart without insurance?
With the Walmart Rx Program, you can get select generic medications at $4 for a 30-day supply and $10 for a 90-day supply. It doesn't require a membership, and these low cash prices are available with or without insurance. Source: goodrx.com
Why are drug prices so high?
“For example, the pharmacy benefit managers who run prescription drug insurance programs can make more off a higher priced drug, because they negotiate percentage rebates. ... On top of that, doctors and hospitals are frequently paid based on a percentage of the price, and so they can make more off of high-priced drugs.
How much does it cost to develop a new drug?
Developing a new prescription medicine that gains marketing approval is estimated to cost drugmakers $2.6 billion according to a recent study by Tufts Center for the Study of Drug Development and published in the Journal of Health Economics.
First published: 9-05-16; Updated republished 7-30-22