How Employees and Employers Can Save on Prescription Medications

Monday, March 18, 2024 13:22 Posted by Admin

The cost of prescription medication is becoming more and more of a concern for both employees and their employers. Prescription drug plans are shifting costs to the employees, forcing them to pay a higher percentage of the price.

This makes it hard for employees to continue paying for their medication, which can worsen their medical conditions and actually cost them more in the long run. This becomes even more significant for a person that suffers from a chronic condition and is under ongoing medication treatment.

At the same time, prescription drugs represent a high percentage of a company’s healthcare costs, but there are ways to reduce those costs. So, let’s explore what employers can do to save on prescription medication, as well as how employees can actively take part in reducing those costs.

How Can Employees and Employers Save Prescription Medications

Being properly informed allows employers and employees to not only reduce costs but maybe even influence the market, as pharmacies can look for ways to be more competitive.

Here are some practical and actionable ways that you can save on prescription medication.

  • Employers Can Support Their Employees

What employers can do is work with their large group health insurance brokers to provide the information needed for the employees to know from where and how to choose better their prescription medication. This way, employees can become better informed about their coverage and understand their benefits package.

  • Expand Health Insurance Coverage

Employers can consider a wider coverage for the health insurance plans that focus on medication. Some drugs cost less for employees when increased coverage is applied.

  • Work with PBM

Working with a Pharmacy Benefit Management (PBM) company is another way to reduce prescription medication costs. They are in charge of negotiating with pharmacies and drug companies to keep costs low.

  • Look for Discounts

Some stores offer significant discounts for generic medication, even with no costs for people who do not have insurance. Sure, this is merely a marketing strategy and the discounts depend on the store. But doing some research before buying your medication can help pay less for it.

  • Use Tools That Compare Prices

There are lots of websites and apps that you can use to compare the prices of generic medication from numerous pharmacies. Using these tools can save you both time and money. Drug prices are not fixed, and they vary from pharmacy to pharmacy.

  • Look for Substitutes

Patients can inform themselves on alternatives and learn what generic medication could work for them, or what over-the-counter drug they could benefit from. Keep in mind that just because they are not a brand you are familiar with, it does not mean they are less effective. The medication should have the same active ingredients, though, so make sure to talk to your doctor about it.

  • Buy Medicine in Bulk

Buying in bulk can also help you save money on medication as prices are usually lower when products are purchased in larger quantities. Talk to your doctor and see the maximum amount they can prescribe the medication for, and buy it all together.

  • Ask for Samples

During your next medical check, ask your doctor for drug samples. They often get samples from pharmaceutical companies, and it can be another way to get the medication at no cost.

  • Use Coupons

Some manufacturers offer discounts for their drugs. You can benefit from it by contacting the manufacturer and accessing the savings card program. Employers can also inform their employees on how to benefit from these coupons and keep medication costs under control.

Over to You

If there’s any vital information you need to remember after reading this article is that knowledge is the best way to reduce your costs and save money. Stay informed about the best plans and alternatives and use every opportunity you get to find and get food deals.

Of course, this requires time, a resource that many small businesses don’t have. That’s where a health insurance broker like Taylor Benefits Insurance Agency can come into help.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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