What are some good ways to remember to take medication? Share these or any other thoughts about prescriptions in the comments below.
Two years ago, I had a major surgery, which will require me to take a medication whenever I eat for the rest of my life. My co-pay for that medication: $270.88 per month.
While that’s certainly better than the roughly $7,000 per month my prescription would cost if I did not have insurance, I was still in sticker shock because I didn’t have an extra $3,000 a year set aside for one prescription.
High prescription drug costs disproportionately affect Black Americans, and among Medicare beneficiaries, Black Americans were twice as likely as other groups to avoid filling a prescription because of the cost.
Sadly, my situation wasn’t unique. High drug costs disproportionately affect Black Americans, and among Medicare beneficiaries, Black Americans were twice as likely as other groups to avoid filling a prescription because of the cost.
Thankfully I didn’t have to worry about skipping my pills because a girlfriend told me about a way to literally get my copay down to $5 a month. Keep reading to see how I did it and learn about other ways you can save money while protecting your health.
I went to the web site of the manufacturer of my medication and learned that I was eligible. All I had to do was download the card, present it to the pharmacy and it literally saves me thousands a year.
Explore patient assistance programs. If you have no insurance or a policy that doesn’t cover your prescription, you may be able to qualify for a patient assistance program (PAP) if you can show that you can’t afford the medication. PAPs can be established by pharmaceutical companies, as well as some nonprofits and even state governments. Each has their own guidelines that determine who qualifies for assistance but there are typically income limits. If you do qualify, you may be able to get free or low-cost medication. To find patient assistance programs, check your state’s Department of Health, the manufacturer of your medication or simply do a search on Google and enter the name of your medication and “patient assistance program.”
Look into state programs. Forty-eight states have what’s known as state pharmaceutical assistance programs (SPAPs), which provide financial help to certain populations of residents. Each state has their own rules, which govern who they help and how you would qualify. There are 13 states that have discount programs, which allow residents to get discounts on certain drugs at state pharmacies. Find out if your state is one of them from the National Conference of State Legislatures.
See if you qualify for ‘extra help.’ The federal government offers a Medicare prescription drug program called Extra Help, which supports Medicare recipients with limited resources by paying some of their prescription costs under Medicare Part D (the drug coverage component of Medicare.) Not only does it help participants pay copays and deductibles, but it could help pay for the costs of Part D premiums. There are income limits; in 2024, an individual can’t earn more than $22,590 and a married couple can’t earn more than $30,660. You can apply through the Social Security web site.
Find out if the manufacturer offers a copay card. So how did I get my copay down from $270 to $5? Many pharmaceutical companies offer these discount cards to patients that use their medications—particularly if the drug is expensive and comes with a high copay. There are no income requirements to be eligible for a copay card, but you have to have commercial or private insurance; you aren’t eligible if you have Medicare or Medicaid and no commercial policy. Copay cards are also more likely to be offered for drugs that have no generic alternatives. When my friend told me about them, I went to the web site of the manufacturer of my medication and learned that I was eligible. All I had to do was download the card, present it to the pharmacy and it literally saves me thousands a year.
There are other ways to get your prescription costs down, namely discount cards such as AARP Prescription Discounts, which reduce the out-of-pocket costs you’ll pay at the pharmacy counter. If you or a loved one needs a medication that’s stretching your budget too thin, hopefully one or more of these options will give you some breathing room.
What are some good ways to remember to take medication? Share these or any other thoughts about prescriptions in the comments below.
