Those health insurance plans? Reading the fine print is a good idea.
Our plans recently changed at work, and I chose one with a $2500 deductible and a copay for prescriptions. So I was shocked when I went to refill my Adderall XR prescription and the pharmacy asked if I would prefer the $159 generic instead of the $225 brand name version. Uh, what happened to the $35 I used to pay for brand?
Turns out that prescription copay part doesn’t take effect until after I meet my deductible for the year. Whoops.
The hunt for a lower-priced prescription
Prescription prices can vary dramatically depending on where you get them, so it was time to hunt for a cheaper pharmacy. If you’re in a similar situation, what I learned could benefit you.
I made a bunch of calls to area pharmacies (CVS, Costco, Sam’s Club, Walgreens, Target, and Fry’s) and discovered that the price for the generic version of what I needed ranged from a low of $92.12 for 30 pills at a nearby Sam’s Club (if I had a Sam’s Plus or Business membership) to a high of $251.19 (at Fry’s.) Prices for the brand name ranged from $225ish (CVS) to $317.79 (Fry’s again.) Basically, they were all over the map.
Prices aren’t set in stone
The point? Don’t just assume that the price you’re paying for a prescription is “the” price. Prices can vary depending on where you buy from, location, and probably also from time to time. In fact, for lower priced prescriptions, sometimes you can pay less using cash than your copay might be if you go through insurance — especially if they happen to be available as $4 generic. You may also pay less for a 90-day supply, if it’s for something you need regularly.
Coupons are sometimes available too. I discovered the GoodRx site, which basically could have saved me a lot of calling around. The prices they estimated varied somewhat from what I found by calling the pharmacies directly, but were fairly close. They also provide coupons, which can make the prices lower. (Btw, this isn’t an ad for them, and I haven’t used their service beyond the search feature.) But I’ll definitely be using it again when I go to price my other prescription, and I may try out their coupons.
No membership necessary for the warehouse clubs
During my calls, I learned another interesting thing. In most states, you don’t have to be a member of Costco or Sam’s Club in order to use their pharmacies. You just need to tell the people at the door that you’re dropping off or picking up a prescription. Prices were higher without a membership than with one, but they were still less than many other places I checked. Costco also has a prescription program for members who are either not covered by insurance or whose insurance doesn’t cover their prescriptions.
All in all, it’s worth checking for a better deal on prescriptions. It’s also worth reading the fine print when choosing a health plan.Posted in How to Save Money on 06.12.13 with 10 comments.