02 Aug How to Save Big on Your Prescription Drugs
Prescription drugs can easily be called a modern miracle, and it’s no wonder why. From easing pain and curing sickness to literally saving lives, they are a critical factor in our increasing lifespans—and a big reason for our improving quality of life.
The downside, of course, is that they can also be quite expensive. And when you need to take something(or many somethings) month after month, those costs can start to add up very quickly (and steeply).
Luckily, there is help available! Here are four ways you can save big on your prescription drugs using your pre-tax health savings account dollars.
1. Know Your Insurance Benefits
The first place to check is your health insurance plan’s benefits. Does it include prescription coverage?Are there any special requirements, such as a dedicated pharmacy chain or preferred coverage for mail-in or subscription services?
Be prepared to read some fine print or to reach out to a representative with your carrier if you have any questions or anything isn’t quite clear.Once you know what is or is not covered by your insurance plan, you can start looking for additional opportunities to save even more.
2. Do Your Prescription Research
Is that brand-new prescription the only choice you have, or are there comparable options available for less money? Or is an expensive brand-name prescription you’ve been on for years finally available as a generic?
This is also a good time to look for coupons, subscription plans, or other helpful savings tips and tricks. Choosing a three-month supply instead of one-month prescriptions is often an easy way to immediately save a little extra.
There is an abundance of information out there, so be willing to spend some time online—and don’t forget to also talk with your doctor or health care professional. You want to be sure that you’re getting the prescription drugs you need(any savings you enjoy won’t matter much if it doesn’t help you get the care you need!) and they may also be able to point you in the right direction of a discount.
3. Invest in Your Health Savings Account
Now that you have a better idea for what you will actually be expected to pay for your prescriptions, you can ensure that you’re taking advantage of even further savings—by paying with pre-tax dollars.
When you open a health savings account (or HSA), you are effectively creating a dedicated savings account just for health care–related costs. And the great part about HSAs is that your contributions will earn interest tax free, helping you save even more by growing your investment over time. Investing in your HSA right now can help you save money on the prescriptions you’re paying for today and help you save up for prescriptions costs in the future.
4. Put Your HSA to Use
And once you have your HSA set up and funded, it’s time to put it to use! Just swipe your HSA debit card at your pharmacy (or use it to pay online), or you can use your personal payment method of choice and keep your receipts for reimbursement later.
If you tend to be saver, rather than a spender, it can be easy to put off using your HSA at all. While there is certainly good reason to be mindful of your health savings spending in order to prepare for the future, the point of having an HSA is to spend those dollars on health care. So don’t just ignore your health savings account!
Find a balance that works for you, keeping some in the bank, so to speak, where it will continue earning (tax free!) over time—while still taking advantage of the funds you have available today to pay for your current health expenses.
Want to learn more about how you can enjoy automatic prescription drug savings with your pre-tax HSA dollars or your own personal debit card?
HSA-Rx can help manage your prescription costs with ease! Register for free to experience the convenience of automatic payments and savings for your prescription drugs.
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