Check your insurance policy’s formulary. This document lists covered medications and their tier levels. Generic drugs usually fall into lower tiers, meaning lower out-of-pocket costs.
Prior authorization might be needed for certain medications. This requires your doctor to get pre-approval from your insurer before you can fill the prescription. Contact your insurance provider to learn about this process and required documentation.
Understand your copay, coinsurance, and deductible. Your copay is a fixed amount you pay per prescription. Coinsurance is your share of costs after you meet your deductible. The deductible is the amount you pay out-of-pocket before your insurance begins to cover costs.
Explore your plan’s mail-order pharmacy options. These often offer lower prices for a 90-day supply of medication.
Compare drug prices at different pharmacies. Prices vary. Use online tools or contact pharmacies directly to check prices before filling your prescription.
Ask your doctor or pharmacist about patient assistance programs. Many pharmaceutical companies offer programs that help patients afford their medications. Eligibility criteria vary, so inquire to see if you qualify.
Negotiate your prescription costs. Discuss options with your pharmacist and see if they offer discounts or can suggest lower-cost alternatives.
Review your Explanation of Benefits (EOB) statements carefully. These statements detail your insurance payments and your responsibility for medication costs. Contact your insurer if you have questions about any charges.
