Healthcare costs continue to rise, with prescription medications being a major contributing factor. As we approach 2025, it’s essential to equip yourself with strategies to ease this financial burden. Regardless of your insurance coverage, these practical tips can help you save money and take control of your healthcare expenses.
Use 90-Day Mail-Order Prescriptions
This is one of the easiest ways to save on prescriptions. If you routinely take a medication, you can likely save money by switching to a 90-day supply that’s delivered through the mail. Some chain pharmacies also allow you to order in bulk, so ask your pharmacist and compare the price.
Pharmacy Discount Cards
Many people don’t realize that pharmacy discount cards—such as GoodRx or SingleCare—can lower out-of-pocket costs for prescriptions, even for those with insurance. It’s a simple and often overlooked tool to find the lowest price for medications, especially when your insurance doesn’t cover certain drugs or has high copays. Just remember, you can use one or the other, so make sure you’re choosing what benefits you the most!
Switch to Generics or Biosimilars
While most people know generics are cheaper, what many don’t realize is that some newer biosimilar medications can offer even better savings. These medications are highly similar to brand-name drugs and can cost up to 80% less. Don’t be afraid to ask your doctor or pharmacist if a biosimilar could be a viable option.
Work with a Pharmacy Benefit Manager (PBM)
A Pharmacy Benefit Manager (PBM) negotiates with pharmacies and pharmaceutical companies to secure lower medication prices. If your company doesn’t currently use a PBM, it’s worth exploring the option for the upcoming year. A good PBM can help you leverage discounts and drive down costs for both employees and employers.
Ask About Therapeutic Substitutions
Sometimes, an alternative medication can provide the same benefits at a lower cost. Talk to your doctor about therapeutic substitutions—drugs that work similarly to the prescribed medication but are less expensive.
At SolV Independent Insurance Associates, we’re committed to finding practical solutions for reducing healthcare costs. Prescription drugs don’t have to be a financial burden. If you want to know more about how these strategies can benefit your company, reach out to SolV today. Let us help you build a health plan that works for your bottom line and your people.