Using Rx coupons, or Insurance: Which is better?

We all know (either firsthand or from people we know) how expensive medications can get. On average, medication costs about $1,300 per person per year.

Although we’ve seen progress with affordable medications, we still have a long way to go. That’s why, as you get older and your likelihood of needing medications increases, you may need to take steps to lower the cost.

Let’s look at two options: coupons and insurance.

A plethora of coupons are available directly from drug manufacturers and pharmaceutical coupon companies, so seek them out before you pay out of pocket. These options are worth checking out:

● GoodRx: Affordable telehealth appointments, coupons accepted at 70,000 pharmacies

● Blink Health: Prices are guaranteed, completely free, no membership fees

● SingleCare: Free delivery and generally lower pricing than GoodRx, but fewer features

The caveat with a lot of pharmaceutical coupons is that you may not be able to use them with your health insurance. They exist to help take the burden off Americans who don’t have access to prescription benefits. Fair enough, no double dipping.

About insurance: it’s imperative that you review your coverage and ensure you have what’s right for your needs.

There are so many plans and possibilities that I could write an entire novel on the subject. I won’t get into too much detail here, but the right plan can significantly reduce your medication costs.

That leads us to today’s question: in the end, what’s better, benefits or coupons?

Like almost all things finance-related, the answer is, “It depends.” (Bet you saw that coming!)

A few points to keep in mind:

● If you have the coverage, you might not need to consider coupons, so get to know your plan inside and out and ensure it’s right for you.
● If you use generic meds, coupons may not help. However, if you need a brand-name or newly released medication, coupons might be the way to go.

It all boils down to doing the research. Isn’t it worth it to save a little money?

If you want to learn how little actions can help you get the most of your money, it might be time to talk to a professional financial advisor. Book a 15-minute consultation at 330 836 7800 EXT. 1 or via my online calendar (click here).