My prescription costs what?! Pharmacists offer tips that could reduce your out-of -pocket drug costs |
Even when Americans have health insurance, they can have a hard time affording the drugs they’ve been prescribed.
About 1 in 5 U.S. adults skip filling a prescription due to its cost at least once a year, according to KFF, a health research organization. And 1 in 3 take steps to cut their prescription drug costs, such as splitting pills when it’s not medically necessary or switching to an over-the-counter drug instead of the one that their medical provider prescribed.
As pharmacy professors who research prescription drug access, we think it’s important for Americans to know that it is possible to get prescriptions filled more affordably, as long as you know how before you go to the pharmacy.
When you have health insurance and have to pay for a prescription drug at the pharmacy, you’re usually covering the cost of your copay. This is the amount patients or their caregivers are expected to pay after insurance covers the rest of the tab.
If you get your health insurance through Medicaid, the government program that covers low-income Americans and people with disabilities, you should not have to pay anything at all to obtain prescription drugs. If there is a copay, it should be low – probably less than US$5.
And if you’re insured through Medicare, the government program that mainly covers people who are 65 and older, or get your coverage through a private health insurance company, it’s important to understand what to expect when you visit a pharmacy.
Most private insurance companies charge US$5 to $50 for prescription drug copays. The copays are tiered based on what the drug costs. Brand-name and specialty medications have higher copays; older generics have lower copays.
Some generic drugs and vaccines may even require no copay at all. While a copay is a flat........