By Robin Scuton
The cost of prescription drug cost seems to always be on the rise. The following tips will help us all to be savvy consumers when we make our next trip to the pharmacy.
Get familiar with the Inflation Reduction Act of 2022
Signed into law on August 16, 2022, the Act includes provisions to lower prescription drug costs for individuals with Medicare:
- Drug companies that raise their drug prices faster than the rate of inflation must pay Medicare a rebate discouraging unreasonable price increases by drug companies beginning in 2023.
- Limit monthly cost sharing for insulin to $35 for people on Medicare beginning in 2023.
- The Act amends the design of the Part D benefit. Beginning in 2024, the law eliminates the five percent beneficiary coinsurance requirement above the catastrophic coverage threshold, effectively capping out-of-pocket costs at approximately $3,250.
- Further delay in implementation of the Trump Administration’s drug rebate rule beginning in 2027, delaying implementation of the rebate rule until 2032. The rule would have eliminated rebates negotiated between drug manufacturers and pharmacy benefit managers or health plan sponsors in Medicare Part D.
Ask for the Cash Price
Drugmakers, insurance companies, and pharmacies make a lot of money by not telling you that paying cash may be cheaper.
To Co-Pay or Not to Co-Pay
If you are obliged to foot the flat co-pay fee, you could be paying $15 for a $10 prescription. If your deductible is high, you might end up paying for the prescription out of pocket anyway. The pharmacies will automatically ask for your insurance. Always do the math before you reach for your insurance card – ask what it will cost to pay without using your insurance.
Join the Club
Do not assume that prices are the same everywhere. They are not. A study by Consumer Reports found that stores such as Sam’s Club and Costco were consistently cheaper than “brand name” drug stores like Rite Aid and CVS.
Consider Generics
Ask your physician if there is a generic version to try. Keep in mind that for some people, generic versions of specialty drugs may not be as effective.
Utilize Coupons and Discount Sites
GoodRx and SingleCare are two well-known companies that offer coupons and discounts.