When saving money on health care, you have many options. Doctors and medical service centers all different charge rates, so it’s essential to shop around and see what options are available to you.
Pharmacy benefits offer many ways to save on the costs of medications and treatment. A comprehensive overview of all your medication options can help you find the most cost-effective way to manage your health.
Shop Around
Shopping for health care is often a difficult task. Especially when facing an emergency or needing lifesaving treatment, like insulin.
Yet the study suggests that about 30 or 40 percent of medical services may be shoppable. Some of these are elective procedures, such as lower-limb MRIs and routine checkups.
While you do not have to shop around for every service, it is essential to understand your plan network and pharmacy options. These are the areas where you can save money on your healthcare costs.
Compare Plans
As your pharmacy plan evolves to align with new copayment structures, preferred formularies and other options, you want to ensure you’re getting the most out of your benefits. If you’re not, you may be saving money and driving up the costs to your organization.
One way to save is by using mail-order pharmacies and generic drugs. Many plans have reduced copayments when you use a generic, so look for these savings opportunities.
Another great way to save is by choosing a plan with lower monthly premiums and higher out-of-pocket maximums. These plans also often have lower deductibles. If you’re eligible, look for a silver plan that offers a cost-sharing reduction (CSR) subsidy. This hidden subsidy is a significant saving opportunity that doesn’t appear in your premium costs.
Use Generic Medicines
One of the best ways to save money on health care is to use generic medicines. These drugs have the same active ingredients as brand-name drugs but cost less.
Generic medications are an excellent option for many people because they’re safe and effective. They also don’t require expensive and time-consuming research studies.
You can choose from various generic medicines to treat common conditions, such as asthma, colds, high blood pressure and headaches. Your doctor may even be able to prescribe you a generic version of an expensive brand-name medicine if available.
Understanding your pharmacy benefits information is essential to use your plan and saving money. Check your preferred drug list (a formulary) for medications covered by your plan.
Stay in the Mail-Order Pharmacy
One way to save on health care is by using the in-network providers and pharmacies your health insurance plan covers. These providers are often cheaper because they agree with your insurance company to lower costs.
Another way to save on health care is to use coupons like CVS coupons or discount programs that may be available through your plan. These programs usually don’t count toward your deductible, so they can help you avoid costly out-of-pocket expenses.
To access these discounts, present your discount drug card or fill your prescriptions at a participating pharmacy. You can also get a mail-order prescription from the mail-order pharmacy.
Look for Rebates
With rising health insurance costs, knowing how to save money is essential. The good news is that there are ways to lower your premiums, deductibles and out-of-pocket costs.
One way is to look for rebates and discounts when purchasing healthcare services or prescription drugs. These can include values for in-network providers and pharmacies and rebates from drug manufacturers.
Rebates are discounts or special deals negotiated between a manufacturer and a health plan. They often offset drug costs and improve members’ cost shares.
Get Your Prescriptions From a Preferred Provider
There are many ways to save money on health care, and one of the best is to get your prescriptions from a preferred provider. This pharmacy is related to your medical insurance plan and can offer special discounts on medicines and other services.
To find a preferred provider in your area, check with your medical insurance company or call the number on the back of your member card.
Getting prescriptions from a preferred provider can save you money on health care and ensure you get the treatment you need.
Preferred pharmacies also often offer coupons and other discounts that can lower your overall prescription cost. These savings can be up to 50 percent off.
Ask Your Doctor for a Substitution
When a doctor prescribes you a brand-name drug, ask them to change it to a generic version. This can save you money and avoid side effects.
Some pharmacists automatically switch brand-name drugs to a less expensive generic when available. In other cases, a patient can request a substitution by asking the pharmacist to call their doctor for an updated prescription.
This practice is called therapeutic substitution. However, it is a process that the prescribing physician should supervise and only be done with their consent.
