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When it comes to medication, your insurance always gives the best deal, right? Not necessarily. Many people don’t realize that Walmart, Target, CVS, and other national pharmacy chains offer prescription drug discount plans that may provide some savings.
Although these plans have nominal annual fees, often it’s possible to more than recoup that on prescription drug savings, as well as savings on other services such as flu shots.
Sometimes it’s less expensive to pay for a prescription drug in cash, than to make the co-payment through your insurance plan. A drug that has a $15 co-pay under insurance may cost $10 or less with the pharmacy’s plan. So it can be worth it to shop around and find the best price.
This video gives a few more ideas for reducing your drug costs.
Beware of unsolicited prescription discount cards
Many people have received unsolicited mailings for national prescription drug plans. Many of these plans are legitimate, but you have to carefully consider the membership terms before joining. These plans are typically owned by a private companies that makes money through payments from pharmacies when the plan is used.
These drug plans often promise large discounts of up to 75%. But a study by Consumerworld.org found the average savings from the pharmacy discount cards it examined was actually around 16%.
Additionally, there are privacy concerns. Many of these companies keep track of the personal information you provide to them and how you use their card, and may outsource their services (and your personal information) to other companies. So it’s best to do your research before signing up.