Prescription savings are possible and can help ensure people stay healthy. This blog discusses ways you can save with and without health insurance.
Prescription Savings Programs and Other Ways to Save
Prescription savings programs seem to be everywhere. However, Healthline reports that if you have Medicare, you need to know when and how to use savings plans or coupons for your medication.
The US Anti-Kickback Statute prevents the use of coupons or other drug company programs to save on medications. The law works to prevent fraud and abuse in the healthcare industry. As a result, federal money cannot be used in programs that may influence the purchase of certain drugs that later could be reimbursed by Medicare.
What can be done?
Because savings plans or coupons provide a less expensive way to purchase medications, individuals with Medicare can pay for the prescriptions out-of-pocket. Incurring the cost yourself allows individuals to make the most of potential coupons or savings plans.
For individuals not on Medicare, Forbes lists seven ways to save money on medications. While this includes prescription savings plans, several other options exist.
Ask your pharmacists if your prescription costs less without using your insurance. Your pharmacists even may recommend a different brand or a generic version.
Frequently, Health Insurance companies recommend using an online pharmacy. In addition to a regular cost benefit, online pharmacies often send users a three-month supply. Buying in bulk is another way to save.
Save money with a Health Saving Account (HSA) or Flexible Spending Account (FSA). These take pre-tax dollars from your paycheck and can be used to buy prescriptions or other health products.
As your local, independent insurance agency, Keating Agency works with more than two dozen companies to help you find the right coverage at the right price. We are happy to talk to you about Health Insurance or Medicare Supplemental Plans. Whatever questions you have, we will help you find the answers. Give us a call.