I’m sure you’ve all noticed there has been a lot of news lately surrounding the rising costs of prescription drugs. I feel like so many of us, young and old, have a prescription these days. In fact, nearly half of all Americans are prescribed a medication. That’s a lot. What’s even more staggering is millions of people skip taking their medications because of costs.
How can we catch a break? Well, since I’m always looking for a deal, I’ve located a great prescription discount tool called LowestMed. It’s a phone app, and website, that encourages you to shop around for medications. LowestMed lists prices and drug discounts for virtually all medications at pharmacies close to you. They do this because pharmacy prices vary widely from location to location, which is something you may not know. Prices also fluctuate depending on which insurance or discount card is used.
With LowestMed, some people save $15-$20 a month, others have saved hundreds. That adds up fast! Savings really depend on medication and how many prescriptions you have.
Where to start.
The app is free, so I would suggest downloading it from your phone’s app store, or you could go to www.LowestMed.com (also free) and search for prescriptions there. When ready, just enter your medication, dosage and quantity. That’s it. No personal information is required. LowestMed uses GPS location, or a ZIP code you provide, to locate the lowest prices at pharmacies in your geographical area. I was amazed to see prescription prices vary at pharmacies just 5 miles from the ZIP code I plugged in.
Once the lowest price is located, click on the discount card button and show the code to your pharmacist. LowestMed is nice because they don’t ask you to register or pay a fee. It works for brand name and generic medications – taking generics is another great way to save on your Rx costs. Access to LowestMed’s discounts is immediate, so there’s no worry wasted waiting to receive a rebate check in the mail.
The Secret Weapon.
Many people think the only way to buy medications is with insurance. That’s not the case. You can use whatever method gets you the best savings. If you have insurance, the prices LowestMed finds can be lower than your health plan’s. It doesn’t necessarily replace your insurance card, but it’s a secret weapon for Rx savings. Shopping around for prescriptions by comparing your insurance prices to LowestMed’s is something you should always practice. It’s an especially great tool if you have a high-deductible health plan.
If you don’t take prescriptions, you’re lucky, but someone you know does. LowestMed may be for you, or them. So I say, use the app and share it with everyone you know.
Join the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom.