2 minute read
Prescription drugs are one of the costliest elements of employer-sponsored health plans. Helping employees understand their drug plans and prescriptions can help save them and the employer money (out-of-pockets costs and lower premium increases for the future) and keep employees healthier, leading to increased productivity and employee satisfaction.
Here are four ways employees can reduce their prescription costs.
Generic Drugs
One of the best strategies for saving money on prescription drugs is choosing a generic drug if one is available. Some people have the false notion that generic medications (prescription and over-the-counter meds) are not the same as name brand. Generic medications that are approved by the Food and Drug Administration (FDA) are as safe and effective as their brand name counterparts but are significantly less expensive (20-80% less). According to the FDA, generic medications save $3 billion every week - that's more than $150 billion annually.
Price Comparison
Prescription drug prices are not uniform. You may be taking the same prescription as your neighbor but depending where you get it from, the price can vary. You can shop around and find an affordable place to fill your prescription or ask the pharmacist if there is an equivalent medication at a lesser cost.
Mail-order Pharmacies
Mail-order pharmacies offer the best deals on prescription drugs, especially for those with maintenance drugs and chronic conditions. Check with your doctor if you can receive a 90-day prescription instead of a 30-day one. You can learn more about your mail order alternatives through your health plan.
Stay on Schedule
If you take medication regularly, don’t skip doses or go off your meds to save money. Sticking to your medication schedule will help you avoid health complications, additional prescription costs, extra trips to the doctor, or even hospitalization.
Resources
Reduce Your Prescription Drug Costs
5 Ways to Save on Prescription Medications
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
