How to Reduce Medication Costs

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How to Reduce Medication Costs

reduce cost of medication

Medication can be costly. If you have more than one, the prices can add up even if you do have insurance. Paying out of pocket for prescriptions that help one life a better life is unfair. Most people are not able to get insurance because of their job or income. Whether you insurance, Medicare Part D, or health plans, there are still ways to save money on prescription medication.


Generic is always a great option, but it is always not an option. The generic version of a prescription usually gets released about five years after its original has been released. So if you are using a prescription that is fairly new, the cost will be higher and there will be no generic. But the good thing is, prescription drugs for common diseases and problems have been around for quite some time, so there is a good chance your prescription will have a generic.

Drug stores like Walmart and Target offer discount-drug programs that sell generic drugs at a very low cost. Some can be $4 for a 30-day supply. This only works without insurance. These discount-drug programs are known to be lower than the generic costs with insurance from other pharmacies.


Formularies are a list of medications that are covered by drug plans. On these formularies the drugs are placed into tiers. The following is what can be grouped in the different tiers.

Tier 1 usually includes generic medications.

Tier 2 usually includes preferred brand name medications.

Tier 3 usually includes non-preferred brand name medications.

Tier 4 usually includes specialty medications (3-Tier programs do not have a unique tier for specialty medications)

The tiers are created from the price of the drugs. The lower the tier, the less the prescription costs. If the drug you are prescribed is in a high tier, you can research or ask your doctor if there is a generic or lower cost drug in a lower level tier.


In some cases, a nonprescription drug may work as effectively as a prescription drug. It does not hurt to ask your doctor are over-the-counter drugs can be just as effective as the prescription drug they are prescribing. Some of the over-the-counter drugs that are available are:

  • Allergy Medication
  • Pain-Relievers
  • Anti-Fungal
  • Cold and Cough Medicines

If you do the research and have the determination to save money on prescription drugs, you will find better prices than what the local pharmacy is offering.