As you care for your health, you may be looking for ways to help save money on medicines prescribed by your doctor. Below are 6 ideas to consider.
Insurance > Understanding Health Insurance
6 Options That May Help You Save on Your Medicine
1. Vouchers and coupons
Some pharmaceutical manufacturers may offer a voucher or coupon for their medications. A voucher is typically a form redeemed by an eligible patient for a no-cost trial supply of a medicine. A coupon is typically a form redeemed by eligible privately-insured patients for a reduction in the patient's out-of-pocket costs for a medicine. Eligibility restrictions and terms and conditions apply to both.
2. Comparison shop
Compare prices at pharmacies, supermarkets, super stores, online suppliers, and mail-order pharmacies. You may want to check prescription price comparison websites.
3. Mail-order pharmacies or 90-day prescription programs
Mail-service or mail-order pharmacies and 90-day prescription programs may allow you to purchase medicines at a lower cost. They may charge less because they buy high volumes of medicines.
4. Patient assistance programs
Pharmaceutical companies may provide medicines and vaccines for free to those who do not have prescription drug or health insurance coverage and cannot afford medicines without assistance. If you do not have prescription-drug coverage and cannot afford your medicines, you may be eligible for free Merck medicines through the Merck Patient Assistance Program Inc. Get the facts about this and other programs from Merck. Visit www.MerckHelps.com. These programs are subject to terms and conditions, and not all patients will be eligible for savings.
5. Flexible spending/health savings accounts
Both flexible spending accounts (FSAs) and health savings accounts (HSAs) are tax-advantaged accounts that allow people to pay for qualified medical expenses, including prescriptions. Refer to your insurance plan or employer.
- Established by an employer
- Usually funded by pre-tax payroll deduction
- Employers can also contribute
- Funds may be used to cover deductibles, copays, and coinsurance, as well as qualified medical expenses that are not covered by health insurance
- Established by an employer or by an individual, but only in conjunction with an HSA-qualified high-deductible health plan (HDHP)
- Contributions can only be made while the account holder remains covered by an HDHP
- The money may be used—without being taxed—for qualified medical expenses at any time in the future, even if the person is no longer covered by an HDHP
6. Ask your doctor or pharmacist if less expensive medicines are available
If the cost of your medicine is a concern, talk to your doctor or pharmacist. They may know what options are available or what will be covered by your insurance.