Prescription Discount Cards. You’ve seen them at your local pharmacy, you’ve seen their ads on TV, and you’ve even seen apps for them. But what’s the down-low? How do they work, and are they legitimate?
What Are Prescription Discount Cards?
A prescription discount card can be used at the pharmacy to help lower the cost of prescription medications. Think of it as a coupon for your prescriptions. And, as with most coupons, there are usually a few catches or limitations to be aware of—but we’ll get to those in a moment.
How Do Prescription Discount Cards Work?
Similar to how a refinance company works with lenders, a pharmacy benefits manager (PBM) creates a network of pharmacies that agree to accept a particular discount card. The PBM negotiates discounted prescription prices with participating pharmacies.
However, the discounts aren’t necessarily the same at every pharmacy. One pharmacy may offer a better price on a particular medication, while another may have a better price on a different drug. Some pharmacies may not participate at all.
The same is true of the discount cards themselves. A card such as GoodRx may be accepted at one pharmacy, while another card, such as US Pharmacy Card, may offer a better price or be accepted at a different pharmacy.
Are Prescription Discount Cards Worth Trying?
There are situations where a prescription discount card can be beneficial.
Generally speaking, if your health insurance plan includes prescription drug coverage, your copay will usually be lower when you use your insurance benefits rather than a discount card. However, if you fall into one of the categories below, then a prescription discount card may be worth a try:
1. You do not have health insurance.
2. You have health insurance, but it does not cover your prescriptions.
3. You have health insurance but are still paying way too much for your prescriptions.
What Do I Look For in a Prescription Discount Card?
1. Most cards average a 15-18% discount, so look for cards that offer a minimum of 60,000 locations and a minimum 35% discount.
2. Free cards. There’s no need to pay for these cards, and I wouldn’t recommend spending money on something you can get for free.
3. Select wisely. Talk to your pharmacist for a recommendation on the best cards. Determine which cards will save you the most money at your preferred pharmacy and for the prescription drugs you purchase.
4. Test the card’s customer service. Go ahead and try out the helpline number on your card to see how helpful they actually are. This is a good indication of the kind of company you’re dealing with.
5. Cards that require no registration. Don’t be mass marketing bait. Registering for these cards is completely unnecessary and will only result in more junk mail and telemarketer calls.
Be Wise at the Pharmacy
I love a great bargain. In fact, one of my favorite things to do is help my clients save money. There are certainly cases where a prescription savings card can provide significant benefits. But they are not always your best option. If you have prescription needs, it’s important to consider the following options first:
1. Upgrading your health insurance plan to one that provides solid prescription benefits.
2. Considering lower-cost drugs or generics. There are several ‘big box’ retailers (Walmart, Target, and Costco, for example) that have $4 generics programs.
3. Be aware that there are situations where purchasing prescriptions with a prescription discount card can actually be more expensive than paying cash. Talk to your pharmacist about your options before you buy.
4. Don’t assume that because your favorite pharmacy accepts your prescription discount card and provides a discount on your prescription, that every other pharmacy will provide the same (not better) discount. Call around to find out which pharmacies provide the deepest discounts.
5. Make sure to look online at GoodRx.com for the best prices locally as well as coupons.
Prescription discount cards can have their benefits, but always do your homework and consider all of your options. As always, I’m here to help and provide input based on my expertise.
