Medication is expensive. Sometimes prohibitively expensive. Billions of dollars are spent every year by pharmaceutical companies on R&D, clinical trials, marketing, advertising and branding. Likewise, those costs are passed on to the consumer. Thus, patients everywhere are faced with paying tens if not hundreds of dollars per prescription medication. Thankfully, there are a few ways to help lessen the financial impact on your wallet.
Saving Money on Prescription Medication: Part I
Saving Money on Prescription Medication: Part II
HSA to Pay
According to Wikipedia, a Health Savings Account (HSA) is a tax advantaged savings account available to those taxpayers with High Deductible Insurance Plans. The funds contributed to the account are not subject to income tax at the time of the deposit and the money rolls over from year to year. Consider taking advantage of these tax savings accounts to pay for your prescription medication. You can even use these accounts for over-the-counter medication if you have a doctor's prescription.
Use Scrip to Pay
The Substitute Currency Reaps in Profits (SCRIP) program is another great way to save a few pennies when paying for your prescription medication. Pharmacies at Kroger, Walmart, Target and Kmart participate in the SCRIP program. You can use Lands End SCRIP at Kmart and take advantage of their 17% SCRIP credit.
Rewards on Credit Card
If you don't participate in the SCRIP program or have an HSA account, consider using a reward type credit card to earn points or cash back on your medication purchase. Obviously this method is only money-saving if you pay off your credit card in full each month to avoid interest charges and late fees.
Redeem Coupons for Gift Cards
Many pharmacies offer gift card incentives for new or transferred prescriptions. Kroger has an apparently ongoing promotion offering $25 for transferred prescriptions. My parents have received Meijer Catalina coupons (those coupons that print out at the register) for a $10 or $20 gift card with a new or transferred prescription. Target frequently has a coupon in their ad for a $10 gift card with a new or transferred prescription. Walgreens has also run similar promotions in the past. If you do run across a pharmacy coupon, I would cut it out and save it right away even if you don't anticipate any upcoming prescription medication needs. If you have family or friends if they have any coupons before you go to a pharmacy empty handed.
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