Prescription drug prices are a significant challenge for many Americans, with nearly a third of U.S. adults admitting to skipping their prescribed medications due to cost in 2023. The combination of drug shortages and soaring prices for essential medications has created a health crisis for many individuals.
Fortunately, there have been positive developments driven by federal government initiatives like the Inflation Reduction Act, prompting pharmacies to gradually adopt more transparent pricing practices. Additionally, the emergence of online pharmacies and coupon services is helping to alleviate the financial burden for consumers.
While waiting for prescription drug costs to decrease, here are some tips to help you save money on the medications you require:
1. Utilize coupon programs: Prescription drug coupons can be immensely helpful, particularly if you do not have insurance. Studies have shown that medication coupons can reduce out-of-pocket costs by an average of 85%. Companies like GoodRx, WellRx, RxSaver, and SingleCare offer easy access to prescription discount cards and coupons, allowing you to search for your prescribed medication, receive a coupon via email or text, and present it at the pharmacy. These services are free, can save you up to 80% on prescriptions, and enable you to compare prices at different local pharmacies.
2. Consider online pharmacies: Ordering medications from reputable online pharmacies can result in significant savings, especially if you live in an area with high in-person pharmacy prices. Companies like the Mark Cuban Cost Plus Drug Company and Amazon Pharmacy offer competitive pricing, with the former applying a minimal markup of 15%. You can also use the FDA’s BeSafeRx tool to locate licensed online pharmacies in your state.
3. Explore wholesale clubs or memberships: A membership at a wholesale club like Costco can provide substantial discounts on prescription medications, with potential savings of up to 80% for members of the Costco Member Prescription Program. Other retail or membership programs, such as Sam’s Club and AARP, offer discounts on generics and brand-name medications. Walmart’s Prescription Program is another option, offering 30-day supplies starting at $4 for select medications.
By taking advantage of these strategies, you can access affordable prescription medications and alleviate the financial strain of high drug prices.
Exploring Art Pharmacy Discounts for Seniors and Retirees
If you are a mature adult, senior, or retiree looking to save on prescription medications, consider the following tips:
1. Patient Assistance Programs:
If you lack insurance coverage or struggle with prescription costs, a patient assistance program (PAP) offered by drug manufacturers could provide relief. Eligible individuals may receive a free year’s supply of brand-name medications through these programs. While navigating the process with manufacturers may seem daunting, 55% of PAP users find it easy to use.
To explore available medications and eligibility requirements, visit the websites of major drug manufacturers like Bausch Health, Bristol Myers Squibb, Johnson & Johnson, Merck, Novartis, and Pfizer. Alternatively, utilize Medicare’s PAP search tool to locate specific drugs and access application instructions.
2. Nonprofit Organizations:
If financial constraints hinder your ability to afford medications, seek assistance from national or local nonprofits tailored to your income level or medical condition. NeedyMeds and the PAN Foundation are two reputable organizations that offer resources and financial aid for prescription drugs.
3. Government Programs:
Federal and state programs may offer additional support for individuals with limited income. Examples include the Medicare Extra Help program, California’s Prescription Drug Discount Program for Medicare Recipients, and HRSA-funded health centers that provide discounted prescriptions at various locations nationwide.
For further savings, consult your healthcare provider regarding generic alternatives, dosage adjustments, and available programs or coupons to reduce medication costs. Don’t hesitate to inquire about cost-saving options, as your doctor or pharmacist may have valuable insights to share.
By exploring these avenues, you can navigate the healthcare landscape more effectively, making prescription medications more affordable and accessible.
Does Medicare cover prescription drugs? No, Medicare does not include prescription drug coverage. To obtain this coverage, you must either enroll in a Medicare Part D plan in addition to your traditional Medicare plan or opt for a Medicare Advantage plan. For a detailed comparison of traditional Medicare and Medicare Advantage, including their benefits, drawbacks, and key factors to consider when choosing a plan, refer to our guide.
Can I deduct prescription drug expenses from my taxes? Yes, you can deduct qualified medical expenses, including prescription drugs, if they exceed 7.5% of your adjusted gross income. Learn more about tax deductions for individuals aged 50 and above.
I’m planning to retire early. What health insurance options are available before Medicare eligibility? If you are under 65 and do not have access to an employer health plan, you can explore options such as COBRA, the ACA marketplace, and short-term policies. Find out more about healthcare coverage options for early retirees, including expected costs, in our guide.
Is it legal to purchase prescription drugs from foreign countries? While it is generally illegal to import prescription drugs into the U.S. from other countries, there are exemptions for personal importation authorized by the FDA.
What is CVS CostVantage and can it help reduce prescription costs? CVS CostVantage, introduced in 2025, aims to improve pricing transparency between CVS pharmacies and insurers. However, negotiated markups and savings may not be publicly disclosed, leaving it up to insurers and employers to determine the extent of any cost savings for consumers.
For more information and sources regarding prescription drugs, pricing, and related topics, refer to the listed resources. The article was edited by Kelly Suzan Waggoner and written by finance expert Sarah Brady, whose work has been featured in various reputable publications.
